Peloton’s Surprise Shake-Up Triggers Record-Setting Rally
- Foley will be replaced by former Spotify CFO Barry McCarthy
- Peloton cuts forecast for full-year revenue and subscribers
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A surprise shake-up at Peloton Interactive Inc. sent the shares on their biggest one-day rally ever Tuesday and renewed speculation that the ailing fitness company could be a takeover target.
Peloton co-founder John Foley will step down as chief executive officer and become executive chairman, the company said, part of sweeping changes that include job cuts and the canceling of a proposed factory in Ohio. Barry McCarthy, former chief financial officer at Spotify Technology SA, will become CEO and president, effective Feb. 9.