Peloton cuts about 20 percent of its workforce, names new CEO

Peloton announced it is cutting about 2,800 jobs, about 20 percent of its workforce, in a move to reduce costs in the face of slowing sales. It also announced that John Foley, company co-founder, has stepped down as CEO and is being replaced by Barry McCarthy, former CFO of Spotify and Netflix. Mr. Foley will also serve as executive chair of Peloton's board.