Peloton Cutting About 400 Jobs Worldwide; CEO Stepping Down ...Middle East

Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business. Shares edged down about 2% in morning trading, to $3.16. Peloton has been working on a significant rebranding since last year, shifting its identity as a seller of luxury exercise bikes and equipment to heath technology for all. [time-brightcove not-tgx=”true”] The New York company experienced incredible sales growth during the height of the coronavirus pandemic. Its share price multiplied by more than five times in 2020 amid lockdowns that made its pricey bikes and treadmil

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