Slumping home-exercise company Peloton Interactive Inc on Tuesday announced a leadership shift and layoff plan as it scales back expansion plans due to weakening demand in the shifting COVID-19 pandemic.
Founder John Foley is to step down as chief executive, but remain as executive chairman. Under a cost-cutting plan, the company is to eliminate 2,800 jobs in an acknowledgement that it expanded too quickly.
“This has been a humbling time for Peloton, but we remain confident in the fundamentals of our business, the strength of our platform, and the significant growth potential for connected fitness and our leadership position within it,” Foley
NEW YORK - Slumping home-exercise company Peloton announced Tuesday a leadership shift and layoff plan as it scales back expansion plans due to weakening demand in the shifting pandemic.