Peloton to replace chief executive and cut 2,800 jobs amid sales slump

Barry McCarthy to replace co-founder John Foley in top role after company's sales dropped from pandemic's early days

Peloton, the troubled exercise equipment company, is replacing its chief executive and planning to axe 2,800 jobs as it deals with a post-pandemic sales crash.

Co-founder John Foley, who has led the company for its entire 10-year existence, will step down as chief executive and become executive chair while the company will cut about 20% of corporate positions. Fired staff will receive a year's free membership with Peloton as well as a meaningful cash severance allotment".