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Tuesday, May 21, 2024

Peloton Timeline: CEO Changes, Layoffs, Recalls, and Falling Stocks

  • The company has fallen from grace after roaring success in 2020.
  • More job cuts were announced Thursday, too.

Peloton, the once-booming leader in the at-home fitness space, announced Thursday that CEO Barry McCarthy is stepping down and about 400 jobs, or 15% of its workforce, would be cut. It’s just the latest bad news in what has been a roller coaster for Peloton since going public in 2019. Here’s a snapshot of major events in recent years.

  • Dec. 5, 2019: The release of a holiday ad deemed controversial by some coincides with Peloton’s stock dropping more than 10% in a matter of a few days.
    ⬇️ Stock value: $31.31
  • Dec. 23, 2020: Peloton stock hits an all-time high on the back of skyrocketing business during the COVID-19 pandemic that closes gyms and keeps hundreds of millions of customers in their homes.
    ⬆️ Stock value: $162.76
  • Feb. 4, 2021: The company reports its first billion-dollar fiscal quarter and pledges to spend $100 million to speed up shipping times to meet increasing demand. Later that month, a Saturday Night Live skit pokes fun at the brand’s popularity.
    ⬇️ Stock value: $146.79
  • Dec. 31, 2021: Peloton stock finishes the year down 76% as the at-home fitness craze slows.
    ⬇️ Stock value: $35.76
  • Feb. 8, 2022: Cofounder John Foley steps down as CEO and becomes executive chairman just weeks after major shareholder Blackwells Capital called for his removal. McCarthy, a former CFO at Spotify and Netflix, takes over as CEO as the company announces it will cut 2,800 jobs.
    ⬇️ Stock value: $37.27
  • Sept. 12, 2022: Foley and fellow cofounder Hisao Kushi exit the company altogether after another 800 jobs were eliminated the month before.
    ⬇️ Stock value: $11.07
  • Jan. 5, 2023: Peloton agrees to pay a $19 million civil penalty for failing to immediately report treadmill defects—which caused a child’s death—to the U.S. Consumer Product Safety Commission.
    ⬇️ Stock value: $8.58
  • May 11, 2023: A recall of 2.2 million Peloton bikes is announced due to a seat defect on original models sold as far back as ’18.
    ⬇️ Stock value: $6.86
  • Oct. 18, 2023: Peloton strikes a deal to offer NBA and WNBA games from compatible devices via its new entertainment hub. The live sports play came two months after Peloton’s first name, image, and likeness deal with Michigan athletics.
    ⬇️ Stock value: $4.80

On Thursday, Peloton stock closed at $3.14 after dipping below $3 for part of the day. Two interim CEOs were announced as the company said it would begin a comprehensive search for its next long-term leader.

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