Peloton CEO Barry McCarthy has announced his resignation following the company’s fifth round of layoffs, impacting approximately 400 global team members. This comes as a surprise after McCarthy previously stated during the Q1 2023 earnings call that the company was done with layoffs.
The layoffs are part of a 12-month restructuring program aimed at reducing annual expenses by $200 million. This announcement marks a significant shift from McCarthy’s earlier statements and raises questions about the future direction of the company.
McCarthy, who took over as CEO from founder John Foley just over two years ago, will be leaving his position. In the interim, co-CEOs Karen Boone and Chris Bruzzo will take over until a replacement is named.
This latest round of layoffs adds to the previous rounds in 2022, which saw a total of 4,100 jobs shed. The company’s workforce now sits at around 3,000 employees globally, down from a peak of 8,600 employees in 2021.
The news of McCarthy’s resignation and the ongoing layoffs has raised concerns among investors and employees alike. It remains to be seen how the company will move forward amidst these significant changes. Stay tuned for more updates on this developing story on Bio Prep Watch.
