The co-founder of exercise company Peloton is to step down as the firm announced plans to cut 2,800 jobs.
John Foley, who has been the firm's chief executive for a decade, will be replaced by Barry McCarthy, the former chief financial officer of Spotify.
Peloton, which sells indoor exercise bikes with a large touchscreen for users to access live and recorded classes, saw sales of its bikes soar during the pandemic.
However the return to gyms after lockdowns across the world saw its value plummet, leaving it worth less than a fifth of its peak $50bn valuation.
In a letter to shareholders Mr Foley admitted it had been a "humbling time for Peloton", saying: "For several months, I have been working closely with our Board of Directors, discussing how best to ensure Peloton is built to last well into the future.
"Among other actions being taken, together, we have decided that now is the right time to introduce the next phase of leadership at this great company."
He said the firm was looking at the "post-COVID demand landscape with "comprehensive restructuring actions" resulting in a "meaningful reduction of our workforce".
Mr Foley, who will become executive chair of the company, said the changes would not affect instructors or the number and type of exercise classes produced.
Last month he denied rumours that Peloton was suspending production of its smart bikes and treadmills.
Peloton recently hit the headlines again after And Just Like That's Mr Big died using his exercise bike in the Sex and the City sequel.
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