Peloton co-founder and chief executive John Foley will step down as the company plans to cut thousands of jobs after slowing demand caused a significant decrease in the bike manufacturer’s market value, The Wall Street Journal reported.
Foley will step down from his position and become the company’s executive chairman, according to the WSJ. Barry McCarthy, former chief financial officer of Spotify and Netflix, will reportedly take over as chief executive and president of Peloton’s board.
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