Peloton CEO John Foley is stepping down and the company plans to cut around 2,800 jobs, report says

Peloton cofounder John Foley is relinquishing his role as CEO, the company said Tuesday. Foley, who co-founded Peloton in 2012, will become executive chair. Barry McCarthy, formerly CFO of Spotify and Netflix, will replace Foley as CEO. McCarthy will also replace William Lynch as president.
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