Peloton announces new round of layoffs as CEO quits

Peloton's CEO Barry McCarthy has resigned amid announcing a new round of layoffs, impacting about 15% of its workforce. This marks the fifth set of layoffs for the company, contradicting McCarthy's earlier assurance that no further layoffs were planned. The cuts are part of a strategy to align spending with revenue and aid in refinancing the company’s debt. McCarthy's departure comes after two years in the role, with interim co-CEOs appointed as his successors.