Peloton’s CEO steps down as the company cuts 15% of staff

• Peloton CEO Barry McCarthy is stepping down, the fitness company announced on Thursday.
• It also said that it was laying off 400 workers, or 15% of its total workforce.
• After reaching new highs during the pandemic, the company has recalled products, laid off workers, and seen sales and its stock tank.

Peloton CEO Barry McCarthy is stepping down, the fitness company announced on Thursday.

It also said that it was laying off 400 workers, or 15% of its total workforce.

Peloton said that the layoffs were part of comprehensive restructuring efforts, including reducing its retail showroom footprint and rethinking the company's international approach.

McCarthy replaced John Foley as Peloton CEO and president in February 2022.

Peloton, one of the darlings of the pandemic, boomed in business during waves of lockdown. But since then, the company has recalled products, laid off thousands of workers, and seen sales and its stock tank.

This is a breaking news story. Please check back for updates.