Peloton CEO steps down as beleaguered company cuts 15% of workforce

Fitness company's sales boomed during the Covid pandemic as gyms closed but sales collapsed as the world reopened

Barry McCarthy has stepped down as CEO of Peloton, the company said on Thursday, as it decided to cut 15% of its workforce to tackle a post-pandemic slump in demand for its connected fitness equipment.

In a note, McCarthy said: Hard as the decision has been to make additional headcount cuts, Peloton simply had no other way to bring its spending in line with its revenue."