Foley will become executive chairman of the board. The company named Barry McCarthy, who was formerly chief financial officer of Spotify Technology SA undefined, as CEO, effective Feb. ![]() The Wall Street Journal had previously reported the CEO change and cost-cutting plan. undefined slumped 8.0% in premarket trading Tuesday, after the at-home fitness company confirmed that co-Founder John Foley will step down as chief executive and that it will implement a cost-cutting plan that will lead to 2,800 job cuts. ![]() Peloton shares decline after confirmation that CEO is out and 2,800 jobs are being cut
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