Peloton Announces Leadership Changes and Workforce Cuts

Krissy Vann | Host, All Things Fitness and Wellness

Peloton Interactive, Inc. disclosed on Thursday that its CEO Barry McCarthy is stepping down and will transition to the role of strategic advisor until the end of the year. This announcement came alongside news of a significant 15% cut to its global workforce, as the company grapples with a decrease in demand for its fitness products following the pandemic surge.

In the interim, Peloton's Board Chairperson Karen Boone and Director Chris Bruzzo will jointly take over as Co-CEOs. Additionally, Board Director Jay Hoag has been appointed as the new Chairperson of the Board.

Karen Boone expressed appreciation for McCarthy's efforts during his tenure, stating, "On behalf of the Board, I want to thank Barry for his contributions to Peloton. Barry joined Peloton during an incredibly challenging time for the business." She credited him with laying a foundation for growth by restructuring the company’s cost dynamics, which helped stabilize the business financially.

The Board has initiated a comprehensive search for a new CEO. In the meantime, Boone and Bruzzo will focus on steering the company through this transitional period.

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