Tag: Peloton

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Acquisition Target :Peloton CEO steps down as the company cuts 2,800 jobs

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the staff of the Ridgewood blog

Ridgewood NJ, Peloton’s John Foley will be stepping down as CEO. Former Spotify CFO Barry McCarthy will take over the role. Foley will remain on as Executive Chair. Peloton is cutting 2,800 jobs globally, around 20% of its corporate workforce. The company invested heavily in production in 2021 but saw a decrease in demand this year. It has now halted all production of its treadmill and bike products.

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Peloton to halt Production of its Bikes, treadmills as Remote Workout Demand Wanes

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the staff of the Ridgewood blog

Ridgewood NJ, Peloton is temporarily halting production of its connected fitness products due to a lack of customer demand. It has halted production of Bike+ and will pause Bike, Tread, and Tread+ production later this year. The company overestimated demand and now has excess inventory sitting in warehouses and cargo ships. It will start charging customers up to $350 in delivery and setup fees for its Bike and Tread machines at the end of this month. Peloton has lost $40 billion in market cap over the past year.