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Benzinga

Shivani Kumaresan

Peloton Interactive CEO John Foley to Step Down: Report

Peloton John Foley Nasdaq PTON Amazon.com Inc Barry McCarthy Netflix NFLX NYSE Spotify Technology SA

Peloton Interactive Inc's (NASDAQ:PTON) co-founder John Foley is stepping down as CEO and will become executive chair, The Wall Street Journal reported.
Barry McCarthy, the former chief financial officer of Spotify Technology SA (NYSE:SPOT) and Netflix Inc (NASDAQ:NFLX), will become CEO and president and join Peloton's board.
Peloton also plans to cut 2,800 jobs to cope with widening loss, the report added.
There were also reports that the company has drawn interest from potential suitors, including Amazon.Com Inc (NASDAQ:AMZN).
Also read: Why Peloton Shares Are Rising
Price Action: PTON shares are trading lower by 13.4% at $25.75 in premarket on the last check Tuesday.

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