#Roommates, popular workout equipment company Peloton is having a pretty eventful week…and for all the wrong reasons. After announcing the shocking news that 2,800 workers would be laid-off and its CEO would be officially stepping down—Peloton intended to use a company meeting to welcome its new CEO, but the employees who just lost their jobs had other plans.
@ABCNews reports, earlier this week Peloton and its now-former CEO John Foley announced a shocking “workforce reduction” that will result in the cutting 2,800 jobs globally, which translates to approximately 20% of its corporate staff. Addressing the massive company layoffs, Foley said “These decisions, particularly those related to our impacted Peloton team members, were not taken lightly. We greatly value the contributions of our talented colleagues and are committed to supporting impacted team members in their transitions.” The layoffs, however, do not include the Peloton “roster of instructors and breadth and depth of its content.” In an attempt to ease the pain, reportedly those who were laid-off were given a severance package that included a Peloton exercise membership.
That’s not the only drama surrounding the company, as things went from bad to worse when Peloton announced its new CEO, Barry McCarthy, and planned to officially welcome him with a team meeting. During the welcome meet-up, dozens of the disgruntled former employees crashed the virtual meeting by spamming it with comments about how they felt about unexpectedly losing their jobs—specifically in the middle of the ongoing COVID-19 pandemic. The meeting was expectedly cut short after the moderators couldn’t seem to get things under control.
Following the announcement that McCarthy would be taking his spot, Foley had nothing but praise for him:
“Since founding Peloton a decade ago, we’ve grown this brand to engage and motivate a loyal community of more than 6.6 million members. I’m incredibly proud to have worked with such talented teammates over the years who have helped me build Peloton into what it is today, and I’m confident that Barry is the right leader to take the company into its next phase of growth.”
Despite being a hot commodity during the height of the pandemic due to the majority of people choosing to continue their fitness journeys at home, Peloton has since taken a noticeable tumble.
Recent shares have slumped around 75% since this time last year. Additionally, the company has endured a rocky start to 2022, including a reported a net loss of some $439 million.
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