FazzNoth Posted February 8, 2022 Share Posted February 8, 2022 (Bloomberg) -- Peloton Interactive Inc.’s senior vice presidents in charge of hardware engineering and commercial equipment are leaving the company as part of a broad shake-up, according to people with knowledge of the matter. Most Read from Bloomberg Amazon Is Raising Base Salary Cap to $350,000 From $160,000 We’re Fine Without Facebook, German and French Ministers Say Ottawa Declares Emergency as Protests Spin ‘Out of Control’ Meta Renews Warning to EU It Will Be Forced to Pull Facebook Peter Thiel to Leave Meta Board to Pursue Trump Agenda Sam Bowen, senior vice president of hardware, and Rob Barker, a senior vice president at the company’s commercial operations, are departing this week. Bowen was in charge of hardware engineering for the company’s bikes and treadmill, as well as the upcoming Guide device and a new heart-rate monitor. Barker, meanwhile, was previously chief executive officer of Precor, a provider of bikes to gyms and hotels that Peloton brought last year. Peloton unveiled sweeping changes Tuesday -- including a new CEO -- in a bid to cut costs and chart a new direction after losing almost 80% of its value last year and coming under pressure from an activist investor. Co-founder John Foley is handing the reins to Barry McCarthy, a former chief financial officer of Spotify Technology SA. William Lynch, Peloton’s president, also is stepping down from that role. A Peloton spokeswoman declined to comment on the departures. As part of the overhaul, the company is cutting about 2,800 employees and scaling back its warehouse and delivery operations. Investors applauded the move Tuesday, with some betting that it helps set up Peloton for a sale. The shares gained as much as 36% to $40.35, marking its biggest intraday increase on record. Hardware engineering is a key area at the New York-based fitness company. While Peloton has been offering its service over smartphones and TVs, its connected hardware still makes up the majority of revenue. Bowen joined Peloton in 2019 after leading hardware engineering at other fitness companies like Tonal and Fitbit. Barker became a Peloton executive after the Precor deal closed. He confirmed his departure on his LinkedIn profile, saying he will become an investor in the fitness space. Most Read from Bloomberg Businessweek The Nuclear Industry Argues Regulators Don’t Understand New Small Reactors The Rise of the $2.5 Billion Ugly-Shoe Empire New Airline Bets You’ll Stop in Alaska for a Cheaper Flight to Asia Nurses Who Faced Lawsuits for Quitting Are Fighting Back Merck’s Covid Pill Fumble Gives Pfizer Potential $17 Billion Win https://www.msn.com/en-us/money/companies/peloton-e2-80-99s-hardware-and-commercial-executives-depart-in-shake-up/ar-AATCDHD?ocid=BingNewsSearch Link to comment Share on other sites More sharing options...
Premium
Recommended Posts