It's been a tough few months at Peloton.
Not only was it announced Tuesday that CEO and co-founder John Foley — who has led Peloton "for its entire 10-year existence" — is stepping down, but the company is also cutting 2,800 jobs, The Wall Street Journal reports, "affecting 20 percent of its corporate positions." Foley will become executive chaiman, while Barry McCarthy, former CFO at Spotify and Netflix, will step in as CEO and president.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
When the insurer says ‘no’Feature Health insurance companies appear to be denying a growing share of patient claims. Why?
-
Foreign aid: The human toll of drastic cutsFeature The assault has 'stunned' nonprofits whose efforts to fight hunger, disease, and instability are now shuttering
-
Romania's election chaos risks international falloutIN THE SPOTLIGHT By barring far-right candidate Calin Georgescu from the country's upcoming electoral re-do, Romania places itself in the center of a broader struggle over European ultra-nationalism
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
