Peloton CEO Barry McCarthy has stepped down, the corporate mentioned on Thursday because it determined to chop 15% of its workforce to deal with a post-pandemic stoop in demand for its linked health tools.
Shares of the beleaguered New York-based firm rose 8% earlier than the bell because it additionally plans to chop again its retail presence owing to weak demand that has compelled Peloton to push again its purpose of returning to constructive money movement.
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Peloton chairperson Karen Boone and director Chris Bruzzo will function interim co-CEOs. As well as, the corporate named director Jay Hoag because the chairperson of the board.
In the meantime, the corporate’s board has began a search course of to determine the subsequent CEO.
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