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Benzinga
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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