Peloton Tumbles to Record Low After Announcing CEO Exit, Layoffs
- Company narrows forecast for full-year sales, misses estimates
- Peloton working with JPMorgan, Goldman Sachs on refinancing
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Peloton Interactive Inc. shares fell to a record low after Chief Executive Officer Barry McCarthy announced plans to step down and the struggling fitness company embarked on a major restructuring that will reduce its global workforce by 15%.
The board will conduct a search to name a replacement, Peloton said in a statement Thursday. Board Chair Karen Boone and director Chris Bruzzo will serve as interim co-CEOs.