- Peloton Interactive Inc's PTON co-founder John Foley is stepping down as CEO and will become executive chair, The Wall Street Journal reported.
- Barry McCarthy, the former chief financial officer of Spotify Technology SA SPOT and Netflix Inc NFLX, will become CEO and president and join Peloton's board.
- Peloton also plans to cut 2,800 jobs to cope with widening loss, the report added.
- There were also reports that the company has drawn interest from potential suitors, including Amazon.Com Inc AMZN.
- Also read: Why Peloton Shares Are Rising
- Price Action: PTON shares are trading lower by 13.4% at $25.75 in premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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