Peloton CEO Barry McCarthy has stepped down as the fitness equipment maker announced it decided to lay off about 15 percent of its global workforce to tackle a post-pandemic slump in demand for its connected fitness equipment.
In a statement on May 2, the company said the job cuts impact roughly 400 employees and are part of a comprehensive restructuring program expected to reduce annual expenses by more than $200 million by the end of fiscal year 2025.
