Current:Home > NewsPeloton laying off around 15% of workforce; CEO Barry McCarthy stepping down-LoTradeCoin
Peloton laying off around 15% of workforce; CEO Barry McCarthy stepping down
View Date:2024-12-23 15:52:48
Peloton is laying off around 15% of workers, the company announced Thursday, in addition to CEO Barry McCarthy stepping down.
After Peloton's financial results for 2024's third quarter were made available Thursday, the exercise equipment company announced restructuring efforts to "align the company's cost structure with the current size of its business," which Peloton says will result in reducing annual run-rate expenses by more than $200 million by the end of the 2025 fiscal year.
This includes laying off approximately 15% of its global workforce, which will impact around 400 employees, as well as reducing Peloton's retail showroom footprint and making changes to its international market plan.
McCarthy, a former CFO at Spotify and Netflix, is stepping down as president and CEO at Peloton and will become a strategic advisor to the company through the end of 2024. Peloton's board has begun a search process for the next CEO, the company announced, and in the meantime, Peloton chairperson Karen Boone and Peloton director Chris Bruzzo will serve as interim co-CEOs.
The company offers stationary bicycles, treadmills, weights, rowing machines and other equipment as well as an app that users pay a monthly subscription fee to access. Through the Peloton machines and app, users can attend thousands of live or on demand workout classes.
Peloton's business boomed during the COVID-19 pandemic as more people began working out at home, but revenue for the company has declined since, with revenue down 6.2% year over year last quarter.
veryGood! (55728)
Related
- The results are in: Peanut the Squirrel did not have rabies, county official says
- Meet the cast of 'The Summit': 16 contestants climbing New Zealand mountains for $1 million
- Filipino televangelist pleads not guilty to human trafficking charges
- Alabama university ordered to pay millions in discrimination lawsuit
- NCT DREAM enters the 'DREAMSCAPE': Members on new album, its concept and songwriting
- DC police officers sentenced to prison for deadly chase and cover-up
- Man convicted of killing 4 at a Missouri motel in 2014
- All the songs Gracie Abrams sings on her Secret of Us tour: Setlist
- Man killed in Tuskegee University shooting in Alabama is identified. 16 others were hurt
- Dancing With the Stars Season 33 Trailer: Anna Delvey Reveals Her Prison Connection to the Ballroom
Ranking
- Why Dolly Parton Is a Fan of Taylor Swift and Travis Kelce's Little Love Affair
- Republicans challenge North Carolina decision that lets students show university’s mobile ID
- How to watch August’s supermoon, which kicks off four months of lunar spectacles
- How to strengthen your pelvic floor, according to an expert
- Burt Bacharach, composer of classic songs, will have papers donated to Library of Congress
- Idaho high court says trial for man charged with killing 4 university students will be held in Boise
- De'Von Achane injury updates: Latest on Dolphins RB's status for Thursday's game vs. Bills
- A strike would add to turbulent times at Boeing
Recommendation
-
TikToker Campbell “Pookie” Puckett Gives Birth, Welcomes First Baby With Jett Puckett
-
Francis Ford Coppola sues Variety over article about his 'unprofessional behavior'
-
Brothers charged with assaulting New York Times photographer during Capitol riot
-
California man arrested after allegedly assaulting flight attendants after takeoff
-
Repair Hair Damage In Just 90 Seconds With This Hack from WNBA Star Kamilla Cardoso
-
New York City lawmakers approve bill to study slavery and reparations
-
Ferguson activist raised in the Black Church showed pastors how to aid young protesters
-
Amazon boosts pay for subcontracted delivery drivers amid union pressure