Peloton's CEO John Foley to step down, company to cut 2,800 jobs

Peloton's Co-founder John Foley is stepping down as CEO after leading the company since its inception, the US-based home fitness company told The Wall Street Journal. Barry McCarthy, former Chief Financial Officer of Spotify and Netflix, will become CEO as Foley will transition to Executive Chair. Peloton said it will cut roughly 2,800 jobs, affecting 20% of its corporate positions.