Peloton is cutting 20 percent of workforce as CEO steps down
Training on the Peloton Tread. | Photo by Amelia Holowaty Krales / The Verge Peloton is replacing its CEO and losing about 2,800 jobs among other cost-cutting measures, according to a press release issued by the company. The job cuts amount to around 20 percent of the former pandemic darling's corporate workforce, but will not affect the company's lauded roster of instructors or fitness content. The news was first reported by the Wall Street Journal.
Peloton hopes the changes will boost profitability after waning demand for its connected fitness equipment have made it an acquisition target, with Amazon, Nike, and even Apple named as possible suitors. The company, once valued at $50 billion, plunged to around $8 billion last week before takeover rumors began to swirl.
Once valued at $50 billion, it plunged to...