Peloton is cutting 20 percent of workforce as CEO steps down and takeover rumors swirl
Peloton hopes the changes will boost profitability after waning demand for its connected fitness equipment have made it an acquisition target, with
, Nike, and even Apple named as possible suitors. The company, once valued at $50 billion, plunged to around $8 billion last week before takeover rumors began to swirl.Peloton co-founder John Foley is being replaced as CEO by Barry McCarthy, the former CFO of both Spotify and Netflix. Foley will become executive chair.. “Barry is more perfectly suited than anybody I could’ve imagined.”
Responding to rumors that the company was for sale, Foley said, “we are open to exploring any opportunity that could create value for Peloton shareholders.” Foley controls 80 percent of Peloton’s voting power so any deal would require his support. Peloton’s other cost-cutting measures include winding down the $400 million factory it was building in Ohio, and a reduction in delivery teams and warehouse space allowing it to cut costs by nearly $1 billion this year.Subscribe to get the best Verge-approved tech deals of the week.Please confirm your subscription to Verge Deals via the verification email we just sent you.
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