Peloton Interactive, Inc. (NASDAQ:) today announced Barry McCarthy is stepping down as President, CEO and a Peloton Board Director, and will become a strategic advisor to Peloton through the end of the year. The Board has initiated a comprehensive search process to identify Peloton's next CEO. Karen Boone, current Peloton Chairperson, and Chris Bruzzo, a Peloton Director, will serve as Interim Co-CEOs. In addition, Jay Hoag, a Peloton Director, has been named the new Chairperson of the Board.
"On behalf of the Board, I want to thank Barry for his contributions to Peloton. Barry joined Peloton during an incredibly challenging time for the business. During his tenure, he laid the foundation for scalable growth by steadily rearchitecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow," "With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton."
Mr. Bruzzo added "Peloton provides unparalleled fitness experiences for our Members, which they love as evidenced by our strong NPS scores. The team continues to innovate across our hardware, software and content portfolios, while simultaneously driving transformation in our marketing organization to increase engagement with new, targeted audiences. There is a huge opportunity in front of us to significantly expand the number of people we serve."
Ms. Boone and Mr. Bruzzo jointly added, "As Interim Co-CEOs, we look forward to working in lockstep with Peloton's leadership team to ensure the Company doesn't miss a beat while the CEO search is underway."
Mr. Hoag, newly appointed Chairperson of the Board, said, "Karen and Chris are two dedicated Directors committed to fulfilling Peloton's mission, and the full Board and I have the utmost confidence in their joint leadership of the Company on an interim basis. The Board is focused on identifying a new CEO who possesses the ideal combination of skills, experience and vision to execute Peloton's exciting next chapter and drive shareholder value."
Mr. Hoag continued, "I have known and worked closely with Barry for nearly two decades and I am grateful for his leadership of Peloton during these last two years, including recruiting a very talented and diverse group of leaders. The Board and I are deeply appreciative that Barry has agreed to serve as a strategic advisor to the Company."
Biographies for the full Peloton Board and leadership team can be found at https://www.onepeloton.com/company/team.
Separately, Peloton today is announcing financial results for the third quarter 2024. Please visit the Peloton investor relations website https://investor.onepeloton.com/ for more information.
