Peloton Interactive gains after announcing CEO resignation, more jobs cuts

Peloton Interactive (NASDAQ:PTON) announced on Thursday that Barry McCarthy is stepping down from his roles as CEO, President, and board director. McCarthy will become a strategic advisor to the company through the end of the year.

The Peloton (PTON) board has initiated a comprehensive search process to identify Peloton’s next CEO. Meanwhile, Karen Boone, current Peloton Chairperson, and Chris Bruzzo, a Peloton Director, will serve as interim co-CEOs. In addition, Jay Hoag, a Peloton Director, has been named the new Chairperson of the Board.

Peloton Interactive (PTON) also announced that it will reduce its global headcount by about 15%.

Shares of Peloton Interactive (PTON) moved up 5.28% in premarket trading to $3.39. The exercise equipment stock traded over $100 for much of 2020 and 2021.

Peloton Interactive (PTON) is also due to release its FQ3 earnings report on Thursday.