Peloton’s CEO steps down as the company cuts 15% of staff

McCarthy replaced John Foley as Peloton CEO and president in February 2022.

Peloton, one of the darlings of the pandemic, boomed in business during waves of lockdown. But since then, the company has recalled products, laid off thousands of workers, and seen sales and its stock tank. It also scrapped plans to build its own factory in Ohio.

Karen Boone, the chair of the company’s board, and Chris Bruzzo, one of Peloton’s directors, will serve as interim co-CEOs. Peloton said that its board had already started the search for its next CEO.

Peloton reported $717.7 million in revenues for the most recent quarter, down 4% year-over-year, with a 14% drop in sales of its connected-fitness products. It posted a net loss for the quarter of $167.3 million, down from $275.9 million for the same quarter in 2023.