Peloton Interactive Inc said on Tuesday it would replace its chief executive officer as the company wrestles with waning demand for its at-home fitness equipment and investor pressure to overhaul its board.
The exercise bike maker’s co-founder, John Foley, will step down as CEO and will become the executive chair, the company said.
Barry McCarthy, the former chief financial officer of Spotify Technology SA and Netflix Inc, will take the helm, it added.
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