Peloton co-founder steps down after rough ride

The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the company, which will also cut almost 3,000 jobs.

John Foley first pitched the idea of an interactive exercise bike in 2011, hoping to disrupt the industry. He will give up the CEO position and become executive chair. The company said Tuesday that Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over as CEO. Peloton has been on a wild ride for the past two years. Company shares surged more than 400% in 2020 amid COVID-19 lockdowns that included gyms.

Nearly all of those gains were wiped out last year with the arrival of vaccines.