3 Things Peloton's New CEO Must Get Right
The start of the new year has continued a very turbulent period for Peloton Interactive (NASDAQ: PTON). In addition to facing falling consumer demand that started in 2021, the connected-fitness manufacturer has halted production of its bikes and treadmills and decided to cut 20% of its workforce in an attempt to streamline operations. Shares are down 79% over the past 12 months.
What's more, the business announced that it is bringing on Barry McCarthy, former CFO of Spotify and Netflix, as the new CEO. Former CEO John Foley will take over as executive chairman of the board.
Peloton is certainly shaking things up to get the company back on track toward a brighter future. While it's difficult to see so much change in such a short time, it's probably necessary for the long-term success of the business. But it won't be easy for McCarthy.
Source Fool.com
