Peloton will cut 2,800 positions and remove CEO amid plunging demand

Foley, who co-founded the company and saw it through an initial public offering, will move out of the CEO job to become executive chairman, according to a Tuesday letter to shareholders. He will be replaced by Barry McCarthy, a tech executive who held senior leadership roles at Spotify and Netflix. William Lynch, who served as president of the company, will also step down.

Source: WP

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