Peloton cuts staff and CEO quits as smart bike company continues to try and turn around
8 months, 1 week ago

Peloton cuts staff and CEO quits as smart bike company continues to try and turn around

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Peloton’s chief executive will stand down, and the company will cut 15 per cent of its workforce, as it continues to attempt to turn around its fortunes. The company – which began with virtual spin classes on at-home smart bikes, but now makes a range of products – saw huge growth during lockdowns as people looked for ways to recreate the gym without going outside. He attempted a range of different moves intended to turn the company around, including ending its free offering and changing the prices of bikes. Peloton’s current chairperson, Karen Boone, and its director Chris Bruzzo will take over the company as interim co-CEOs, and Mr McCarthy will stay on until the end of the year.

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History of this topic

Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping down
8 months, 1 week ago

Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping down

Associated Press  

Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business. Peloton reported Thursday that for the third quarter it lost $167.3 million, or 45 cents per share, While that’s better than the loss of $275.9 …

Peloton the rebrand: High end exercise bike maker says it's now for a health company for all
1 year, 7 months ago

Peloton the rebrand: High end exercise bike maker says it's now for a health company for all

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Peloton is undergoing a significant …

Peloton to cut 500 jobs as turnaround efforts continue
2 years, 3 months ago

Peloton to cut 500 jobs as turnaround efforts continue

Associated Press  

Peloton is cutting hundreds of jobs in a corporate reorganization of its stalled business as the pandemic-related surge ebbs. The maker of high-end exercise equipment cut approximately 500 jobs, or about 12% of its workforce, Peloton said Thursday. Peloton Interactive Inc. said it’s completed the vast majority of a restructuring plan begun in February. The New York-based company’s share price …

Wild week for Peloton shares as earlier gains erased
2 years, 4 months ago

Wild week for Peloton shares as earlier gains erased

Associated Press  

NEW YORK — Peloton shares are on a wild ride this week, running up 20% Wednesday on a new partnership with Amazon only to erase those gains at the opening bell Thursday after quarterly losses for the connected exercise equipment maker topped $1.2 billion. Peloton Interactive Inc. is a company in transition, attempting to achieve reliable free cash flow growth …

Peloton cuts jobs, raises prices in bid for profitability
2 years, 4 months ago

Peloton cuts jobs, raises prices in bid for profitability

Associated Press  

NEW YORK — Peloton is laying off employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash. In addition to cutting 784 jobs, Peloton will close its North America distribution network and shift its delivery work to third-party providers. Its shares surged more than 400% in …

Not working out: Peloton plunges after cutting outlook
2 years, 8 months ago

Not working out: Peloton plunges after cutting outlook

Al Jazeera  

Peloton thrived in the early days of the pandemic, when locked-down consumers rushed to buy its bikes and treadmills. He was replaced by former Spotify Technology SA and Netflix Inc. Chief Financial Officer Barry McCarthy, who vowed to cut costs and generate more of Peloton’s revenue from subscriptions. In a letter to shareholders, McCarthy said his goal is to get …

Peloton down: Bike and classes hit by ‘major outage’, company says
2 years, 10 months ago

Peloton down: Bike and classes hit by ‘major outage’, company says

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Peloton’s smart bikes and other services have stopped working amid a “major outage”. …

What Would It Take for Peloton to Keep Being Peloton?
2 years, 10 months ago

What Would It Take for Peloton to Keep Being Peloton?

Wired  

Earlier this week, on the day of its fiscal second-quarter earnings, Peloton CEO and cofounder John Foley announced he was stepping down. Even before the onset of the p-word, Peloton had become the coveted c-word: Many software service providers boast about their online “communities,” but Peloton had achieved full-on cult status. This week Peloton announced a “restructuring program”, reduced its …

Peloton co-founder steps down after rough ride
2 years, 11 months ago

Peloton co-founder steps down after rough ride

Associated Press  

Peloton is replacing its CEO, cutting jobs and reining in ambitious expansion plans after badly misjudging the staying power of the exercise-at-home trend that propelled its sales early in the pandemic. Peloton’s shares surged about 25% Tuesday, despite the company reducing its annual outlook for sales and subscriptions and reporting a big loss for its fiscal second quarter. Company shares …

Peloton ditches boss as troubled exercise bike maker axes 2,800 jobs
2 years, 11 months ago

Peloton ditches boss as troubled exercise bike maker axes 2,800 jobs

Daily Mail  

Troubled exercise bike and treadmill maker Peloton has shunted its chief executive into a different job and axed thousands of staff as it seeks to revive its fortunes. Co-founder John Foley, 51, who led it for nearly a decade, has been replaced by Barry McCarthy, ex-finance boss of Netflix and Spotify, but will remain executive chairman. On your bike: Peloton …

Peloton CEO John Foley Steps Down, Company Cuts Nearly 3,000 Jobs
2 years, 11 months ago

Peloton CEO John Foley Steps Down, Company Cuts Nearly 3,000 Jobs

Huff Post  

LOADING ERROR LOADING The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company, which is also cutting almost 3,000 jobs. He will give up the CEO position and become executive chair at Peloton Interactive Inc. Barry McCarthy, who served as CFO at Spotify as well as at Netflix, …

Peloton co-founder steps down as CEO after a rough ride
2 years, 11 months ago

Peloton co-founder steps down as CEO after a rough ride

LA Times  

Peloton CEO John Foley celebrates at the Nasdaq MarketSite before the opening bell and his company’s IPO in September 2019. The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company, which is also cutting almost 3,000 jobs. Blackwells sent a presentation to Peloton on Monday outlining “the mismanagement …

Peloton's 12 months of disasters
2 years, 11 months ago

Peloton's 12 months of disasters

Daily Mail  

March 2021: Peloton warns parents to keep children away from its Tread+ treadmills after a six year old child is killed after being pulled underneath one of them May 2021: Peloton recalls the running machines after reports of at least 72 other injuries emerge. That saw Peloton's market cap tumble by $8 billion, and John Foley lose his billionaire status …

Report: Peloton pauses production on bikes, treadmills
2 years, 11 months ago

Report: Peloton pauses production on bikes, treadmills

Associated Press  

NEW YORK — Peloton’s shares tumbled on Thursday after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand. Peloton Interactive Inc. plans to pause production of its main stationary bikes for two months, from February to March, according to CNBC, citing internal documents. In a statement released …

Peloton shares tumble as bearish report adds to ad woes
5 years ago

Peloton shares tumble as bearish report adds to ad woes

Associated Press  

NEW YORK — Shares of exercise bike company Peloton were under pressure Tuesday from a scathing research report that comes on the heels of blowback from its widely mocked ad. The shares took a hit last week after Peloton aired an ad in which a husband gifts one of its internet-connected stationary bikes to his wife for the holidays. In …

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