On February 9, Peloton held an online meeting for all employees to introduce new CEO Barry McCarthy. But the presentation was abruptly interrupted by employees laid off before the event.
The day before, Peloton laid off 2,800 employees, presumably due to a decrease in its capitalization compared to the beginning of 2021. The company has grown tremendously during the pandemic. Its capitalization last year was $50 billion, but by the end it had fallen to $8 billion. This was due to falling demand for their fitness products, technical problems and anti-advertising on the TV show Billions. In addition, the founder of the company, John Foley, stepped down as CEO. He was replaced by former Spotify CEO Barry McCarthy.
In an online meeting, former employees wrote angry comments about the cuts announced this week. The current employees were unhappy with the poor moderation of the chat.
Near the end of the conversation, McCarthy was asked how the former employees of the company got access to the chat, but he declined to comment on this issue. Due to the resentment of former employees and those who remained with the company, the online meeting ended early.
The situation is aggravated by the fact that against the backdrop of cuts across the company, ranging from cost cuts to layoffs, the staff of fitness instructors did not suffer in any way. This was stated in a company press release describing the difficulties at Peloton. At the same time, old CEO Foley fired his wife as Peloton's vice president of apparel.
bbabo.Net