Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping down
Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business
Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business.
Peloton has been working on a significant rebranding since last year, shifting its identity as a seller of luxury exercise bikes and equipment to health technology for all.
The New York company experienced incredible sales growth during the height of the coronavirus pandemic. Its share price multiplied by more than five times in 2020 amid lockdowns that made its pricey bikes and treadmills popular among customers who pay a monthly fee to participate in interactive workouts.
The company lost $1.26 billion in the fiscal year ended in June and an additional $350 million in the six months ended in December. Free cash flow, or the money left over after paying the costs of running the business, was a negative $470 million in fiscal 2023.
:focal(1800x1210:0x0)/cloudfront-us-east-2.images.arcpublishing.com/reuters/MYYE4IDMZVLXVLDZRNOVBQGCAU.jpg)
