Peloton cuts jobs and is looking for a new CEO after its turnaround plan spins out

Peloton’s CEO is stepping down, and the company is reducing its workforce by about 15% after unsuccessful attempts to bounce back from the pandemic. The CEO will remain as a strategic advisor until the end of the year, while two executives will serve as interim co-CEOs. In addition, Peloton is cutting 400 jobs to save $200 million in costs. The company aims to invest in software, hardware, content innovation, member support, and marketing. Peloton’s stock increased by over 7% in premarket trading. During the CEO’s tenure, Peloton faced challenges including layoffs, price hikes, store closures, recalls, and a large civil penalty. Nonetheless, the company had successful alliances with third-party retailers and a partnership with Lululemon for apparel sales.