How much money you’d have lost if you invested at Peloton’s IPO

From a CEO change to announcing staff layoffs, it’s been a bumpy couple of days for Peloton.

On Thursday, Peloton announced it is laying off 15% of its global staff, which will affect around 400 employees. The company also plans to continue to close retail showrooms in an effort to “align the company’s cost structure with the current size of its business,” according to the May 2 announcement.

That same day, the fitness company announced that Barry McCarthy would step down as CEO, president and board director just two years after taking on the position from founder John Foley. He’ll become a strategic advisor through the end of the year, according to the May 2 statement.

As the company searches for a new CEO, Peloton Chairperson Karen Boone and Peloton Director Chris Bruzzo will serve as interim co-CEOs.

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