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Peloton to lay off 400 employees as CEO Barry McCarthy departs

Peloton, the exercise equipment maker and online fitness course provider, said it is laying off 15% of its workforce (about 400 people) as part of cost-cutting measures. The company also said its CEO, president, and board director, Barry McCarthy, would step down after two years in the role. McCarthy, who was previously CFO at Spotify and Netflix, was coerced out of retirement in early 2022 when Peloton’s co-founder and then-CEO, John Foley, left the role alongside a major cost-cutting effort that saw 2,800 employees laid off.