The CEO of the connected fitness pioneer stepped down in February. The news was not unexpected. The firm was in turmoil after falling back down to Earth. You have a rough couple of years for the executive after the massive product recall in 2021.
The company isn't out of the woods despite the fact that Barry McCarthy is the new CFO.
This appointment is the culmination of a months-long succession plan that I have been working on with our Board of Directors, and we are thrilled to have found in Barry the perfect leader for the next chapter of Peloton.
Pelton is trying to get investors to buy between 15 and 20% of the company in order to right the ship, according to a new report from The Wall Street Journal. The deal could bring some much-needed cash as the gym tries to regain its footing. Confidence that the company is back on the right track can be restored by investment from the right firm. The move would be a less dramatic one than had been reported, as it would be courting a buyer with deep pockets like Amazon.
It is possible that the new leadership is trying to get the company in a better place to return some value before a sale. Aintabi called for the company to explore a sale weeks before he left.
We reached out to Peloton.
And just like that, Peloton is experiencing a correction
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