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This may be your first time reading this newsletter — if so, welcome! If not, you already know that Alex created it. And if you’ve read last week’s issue, you also know that I am taking over. This makes me something akin to a non-founder CEO, so today’s topic is also personal — Anna.
Handovers and turnarounds
Our colleague Brian Heater wrote about Peloton’s below-expectation earnings earlier this week. But beyond how many bikes and subscriptions the fitness company did or didn’t sell, it’s this quote that caught my attention:
“Turnarounds are hard work. It’s intellectually challenging, emotionally draining, physically exhausting, and all consuming. It’s a full-contact sport.”
This is an excerpt from the letter to shareholders penned by Barry McCarthy, Peloton’s CEO since February. McCarthy’s predecessor, John Foley, stepped down as the company he co-founded cut 2,800 jobs globally — around 20% of its …
