Peloton CEO Barry McCarthy steps down as part of restructuring

Barry McCarthy has stepped down as CEO of Peloton as part of a restructuring which will see the troubled company cut 15% of its workforce.

The at-home fitness giant prospered during the COVID-19 pandemic, but has since struggled to build on the momentum.

Peloton said that it would now undertake “comprehensive restructuring efforts”, in order to “align the company’s cost structure with the current size of its business”. Upon full implementation, the company expects the plan to result in reduced annual run-rate expenses by more than US$200 (£160m) by the end of its 2025 fiscal year.

In addition to the 15% cut in its workforce – which translates to around 400 people losing their jobs globally – Peloton said it will “continue reducing its retail showroom footprint”.