Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping down

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. Peloton Interactive Inc. said Thursday that the job reductions amount to approximately 15% of its global headcount. The restructuring efforts, which are expected to lower its annual run-rate expenses by more than $200 million by fiscal 2025’s end, also include continuing to close retail showrooms.