Foley will become executive chairman of the board. The company named Barry McCarthy, who was formerly chief financial officer of Spotify Technology SA undefined, as CEO, effective Feb. The Wall Street Journal had previously reported the CEO change and cost-cutting plan. undefined slumped 8.0% in premarket trading Tuesday, after the at-home fitness company confirmed that co-Founder John Foley will step down as chief executive and that it will implement a cost-cutting plan that will lead to 2,800 job cuts. Peloton shares decline after confirmation that CEO is out and 2,800 jobs are being cut
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