![Peloton has announced that its CEO Barry McCarthy is stepping down amid plans to reduce its workforce by 15%, which equates to about 400 jobs. This development marks the fifth round of layoffs since 2021 for the fitness company.](https://san.com/wp-content/uploads/2024/05/Peleton-cuts-CLEAN-GETTY.jpg?w=1920)
[KARAH RUCKER]
THE FITNESS COMPANY PELOTON HAS ANNOUNCED ITS CEO IS STEPPING DOWN AS IT LOOKS TO CUT 15 PERCENT OF ITS WORKFORCE – AMOUNTING TO ABOUT 400 JOBS.
THIS MARKS THE FIFTH ROUND OF LAYOFFS SINCE 2021.
ONCE A PANDEMIC SUCCESS STORY, PELOTON IS FACING DECLINING SALES AND SUBSCRIBER NUMBERS AS CONSUMERS HAVE RETURNED TO IN-PERSON GYMS.
THE COMPANY PLANS TO CUT COSTS BY OVER 200 MILLION DOLLARS, AIMING TO STREAMLINE OPERATIONS AND REDUCE ITS RETAIL FOOTPRINT.
THE SEARCH FOR A NEW COMPANY CEO IS UNDERWAY.