On your bike: Peloton boss Barry McCarthy resigns after two years
Peloton boss Barry McCarthy resigned as the exercise bike maker announced job losses.
Its president Karen Boone and director Chris Bruzzo replaced McCarthy, who had been in the role for two years, as co-CEOs. The New York company is eliminating about 15 percent of jobs worldwide, about 400 workers.
I suffered great losses when society returned to normal after the lockdowns.
McCarthy said, “As tough as the decision was to make additional workforce cuts, Peloton simply had no other way to align its spending with its revenue.”
Their bikes and workouts were all the rage during the pandemic, when workers were stuck at home and gyms closed. His fans include Prime Minister Rishi Sunak and tennis star Venus Williams.
It sells a subscription service that allows fitness fanatics to join online classes and has made star-studded deals, including with singer Beyoncé.
But it has suffered since Covid restrictions were lifted, and had a deficit of £134m for the three months ending March 31.
In a joint statement, new bosses Boone and Bruzzo said yesterday: “We look forward to working closely with Peloton’s leadership team to ensure the company doesn’t miss a beat.”
