Peloton to replace CEO and cut 2,800 jobs

Peloton to replace CEO and cut 2,800 jobs

Peloton is replacing its CEO and is cutting 20% of its workforce to help reinvigorate the flailing fitness company. Barry McCarthy, the former CFO of Spotify and Netflix is set to become the next CEO of Peloton, effective Wednesday. Foley will become the executive chair of the company. He wrote in a public note that the appointment is the "culmination of a months-long succession plan" he's been working on with the board.

Meanwhile, Peloton also announced that it will lay off around 2,800 employees, including 20% of its corporate positions. The company is also cutting down on the number of warehouses it owns and operates. They also plan on expanding delivery agreements with third-party providers, which will help Peloton save $800 million in annual costs. 

In a press release, the company said, "This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline." The layoffs begin on Tuesday and the affected employees will receive a 1-year digital subscription to Peloton as part of their severance.

Source: CNN 
Tags In
Doctor Posts

You might also like

For several reasons, the IT sector is appealing to job seekers. ...Read more

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Articles

Today’s market is a competitive one – especially after the COVID-19 pandemic. Unlike 2019, when the ...Read more

The job market in the US is slowly gaining traction after the long period of gloom that took the un ...Read more

If you love being on the road, if you love driving with the wind rushing through your hair, if your ...Read more

Background checks are one of the pre-employment requisites to prevent bad hires. About 96% of emplo ...Read more