Peloton Replacing CEO, Laying Off 20% Of Workforce

Imagine that, no one wants a $1,400 exercise bike that requires a monthly subscription fee when most people are struggling with bills. Who needs to get in shape when you can lose weight because you can't afford food? 

We’ve made the difficult decision to reduce the size of the Peloton team by approximately 2,800 positions globally. We are making changes at every level of the organization, including within our leadership team. Let me start with that: Effective today, I will be moving into a new role as Executive Chair, and Barry McCarthy will be joining Peloton as CEO & President.