$PTON Replaces CEO, Shares Fall Pre-Market


  • Peloton announced Tuesday it plans to replace CEO John Foley and cut 2,800 jobs, or about 20% of corporate positions.

  • Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become CEO and president and join Peloton’s board.

  • Peloton said it expects to slash roughly $800 million in annual costs and reduce capital expenditures by roughly $150 million this year.