Fitness Giant Peloton To Cut 2,800 Jobs And Replace Current CEO
Peloton Interactive Inc (NASDAQ:PTON) is set to cut 2,800 jobs —about 20% of its workforce— and appoint ex-Netflix Inc (NASDAQ:NFLX) Barry McCarthy as CEO as of Tuesday. The move is intended to revive the flailing company. Q4 2021 hedge fund letters, conferences and more BolsteringAs reported by CNN Business, Peloton is undergoing a major restructuring program that includes cutting jobs and replacing CEO John Foley with former Netflix and Spotify Technology SA (NYSE:SPOT) boss, Barry McCarthy. Foley is set to become the company’s executive chair. By cutting about 20% of its corporate staff, Pe...