Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Shivani Kumaresan

Peloton Interactive CEO John Foley to Step Down: Report

Peloton John Foley Nasdaq PTON Amazon.com Inc Barry McCarthy Netflix NFLX NYSE Spotify Technology SA
  • Peloton Interactive Inc's (NASDAQ: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 (NYSE:SPOT) and Netflix Inc (NASDAQ: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 (NASDAQ: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.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
“One of the most important guitars in rock and roll history”: George Harrison’s Futurama smashes auction estimate and sets a new record with staggering $1.27 million sale
The oddball electric – which was used during the Beatles’ early years, and saw action in over 300 historic shows – becomes the most expensive electric guitar formerly owned by a Beatle to sell at auction
Guitar World
Guitar World
Keke Palmer: I'm living life on my own terms
Keke Palmer has revealed that she feels proud to be living life "on [her] own terms".
BANG Premier
BANG Premier
Crypto entrepreneur Justin Sun buys $6 million banana—and plans to eat it unless Elon Musk wants to send it to space
Sun outbid six others for the iconic work.
Fortune
Fortune
Paul Simon names the fan-favorite song he’ll never perform again
The folk rock icon said his hearing loss has limited the songs he can perform live
The Independent UK
The Independent UK
“We’re doing my first-ever gig with Nirvana on SNL. What I didn’t know was there was a discussion about my guitar like, ‘No, we can’t let him on stage’”: Pat Smear’s first Nirvana appearance almost didn’t happen – because of his guitar
Smear had bought a 1982 Charvel when he was playing with Nina Hagen – but the guitar didn't quite impress the Nirvana troupe
Guitar World
Guitar World
"Worm": Keith Lee shuts down sushi joint
FOB Sushi Bar has closed its Bellevue and Seattle restaurant locations
Salon
Salon
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play