Peloton CEO Barry McCarthy is stepping down from the beleaguered high-end fitness company after just over two years in the role, the company announced Thursday.
Peloton announced a restructuring program to include a reduction to its global headcount by approximately 15%, impacting roughly 400 Peloton team members. The company will also continue reducing its retail footprint and redesign its international go-to-market approach to be more targeted and efficient.
Peloton, the once-thriving fitness company, has hit another rough patch as it struggles to regain its footing in the post-pandemic era. CEO Barry McCarthy is now stepping down after the company's share price dropped about 92 percent during his tenure.