Peloton Interactive (NASDAQ:PTON) Inc, the world's largest interactive fitness platform, plans to replace chief executive and co-founder John Foley and cut 2,800 jobs, the Wall Street Journal reported.
Foley will become executive chair, while Barry McCarthy, the former chief financial officer of Spotify Technology SA (NYSE:SPOT) and Netflix Inc (NASDAQ:NFLX), will take over as chief executive and president, the paper reported.
There has been a flurry of bid speculation surrounding the embattled home gym group in recent days with Amazon.com Inc (NASDAQ:AMZN), Nike Inc (NYSE:NKE), Apple Inc and Walt Disney Co being cited as possible buyers.
READ: Apple is the latest name touted as possible buyer of Peloton Interactive Inc
The 2,800 job cuts would affect 20% of the company’s corporate positions, but is not expected to affect Peloton’s instructor roster or content, according to the WSJ.
The home gym group, which has more than 6.2 million members, had seen its share price drop before the recent bid speculation on concerns over safety and its long-term outlook as some of its members stop working from home and resume commuting.
In January, activist investor Blackwells Capital called on the board to remove Foley as chief executive and to look for a buyer.