Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping down

Peloton is cutting approximately 400 jobs globally and CEO Barry McCarthy is stepping down amid ongoing restructuring efforts. The company, which soared in popularity during the pandemic, has faced declining sales and financial losses as normal activities resumed. Peloton's restructuring aims to reduce expenses by over $200 million by the end of fiscal 2025, with McCarthy remaining as a strategic adviser through the year.