Peloton, the troubled exercise equipment company, is replacing its chief executive and planning to axe 2,800 jobs as it deals with a post-pandemic sales crash.
Co-founder John Foley, who has led the company for its entire 10-year existence, will step down as chief executive and become executive chair while the company will cut about 20% of corporate positions. Laid off staff will receive a year’s free membership with Peloton as well as a “meaningful cash severance allotment”.
