The CEO of Peloton, which has been doing brilliantly during the pandemic, has announced his resignation. This happened after the company announced another round of mass layoffs, which will see 15% of the workforce, or around 400 employees, be let go. Meanwhile, McCarthy, who previously ran both Spotify and Netflix, stayed in this position for a little more than two years.
This is the fifth round of layoffs that Peleton has implemented amid financial problems. True, this last dismissal was not planned in advance. McCarthy explains that it was a difficult decision to implement additional workforce reductions. He justifies this by the fact that the company simply has no other way to improve its financial situation. The layoffs are part of Peloton’s 12-month restructuring program aimed at cutting more than $200 million in annual expenses.
Advertising
It should be noted that Peloton laid off a lot of employees in 2022 – 500 in October, 800 in August, 500 in July and around 2,800 in February. Currently, the entire company employs around 3,000 employees, which is a significant drop compared to the 8,600 employees in 2021, which was historically the largest number.
Tags: Peloton manufacturer fitness equipment laying employees CEO leaving position
