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.
