Beleaguered Peloton this week announced that it had replaced its CEO John Foley, who also is a cofounder, and said it would lay off 2,800 employees.
Lauren Hirsch for The New York Times:
Barry McCarthy, who stepped down last year as the chief financial officer of Spotify, was named chief executive and Foley was made executive chairman.
The layoffs represent about 20 percent of its corporate workforce. Separately, the company said it lost $439 million in its most recent quarter, and it lowered its full-year forecasts for revenue, subscriptions, and profitability.
Blackwells Capital, an activist investor that had called for the company to fire Foley and weigh a sale… on Tuesday said the company’s actions “do not address any of Peloton investors’ concerns” and again urged Peloton to explore a sale, citing a long list of potential buyers, including Netflix and Amazon. A buyer could pay $75 per share and still make money, according to “myriad valuation metrics.”
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