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UPDATE 2-Peloton CEO McCarthy steps down, fitness equipment maker to cut 15% jobs

Reuters
·1-min read

(Adds details on job cuts, background)

May 2 (Reuters) - Peloton CEO Barry McCarthy has stepped down, 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.

Shares of the beleaguered New York-based company rose 8% before the bell as it also plans to cut back its retail presence owing to weak demand that has forced Peloton to push back its goal of returning to positive cash flow.

Peloton chairperson Karen Boone and director Chris Bruzzo will serve as interim co-CEOs. In addition, the company named director Jay Hoag as the chairperson of the board.

Meanwhile, the company's board has started a search process to identify the next CEO. (Reporting by Kannaki Deka in Bengaluru; Editing by Shilpi Majumdar and Arun Koyyur)