pelaton CEO Barry McCarthy is stepping down as the company lays off about 15% of its staff the company announced Thursday the latest effort by the exercise bike company to cut spending amid growing concerns about cash flow pelon's share price decreased by over 91% between February 9th 2022 the day after mcarthy was named chief executive and Wednesday McCarthy was named pelaton chief chief executive in 2022 replacing founder John Foley shortly after the company reported $439 million in losses while laying off thousands McCarthy the former Chief Financial Officer of Spotify joined the company following a burst of Revenue during the pandemic which sharply declined as eased covid restrictions lowered demand for the company's bikes the company said at the time it overestimated demand for its bikes and treadmills and plan to temporarily halt production paton's future is uncertain after a swift fall from pandemic stardom New York Times