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.
FILE - This Nov. 19, 2019 file photo shows the logo on a Peloton bike in San Francisco. Peloton Interactive Inc. said Thursday, May 2, 2024 that the job reductions amount to approximately 15% of its global headcount. since last year, shifting its identity as a seller of luxury exercise bikes and equipment to heath technology for all.
But sales began to slow in 2021 as vaccines allowed people to roam more freely from their homes, including visits to the gym. Peloton Interactive Inc. said Thursday that the job reductions amount to approximately 15% of its global headcount. The restructuring efforts, which are expected to lower its annual run-rate expenses by more than $200 million by fiscal 2025's end, also include continuing to close retail showrooms.McCarthy, who is also stepping down from his president and board member posts, will remain with Peloton as a strategic adviser through the end of the year.
In a note sent to Peloton's team this morning, McCarthy said that the newly announced job cuts were a moment of “dealing with the world as it is and not as we want it to be.”
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