Peloton's Tumultuous Saga Continues With Another Top Exec Shakeup The at-home fitness company has turned to new strategies to mitigate some of the losses.
By Amanda Breen Edited by Jessica Thomas
For more than a year now, Peloton has endured its fair share of chaos: shipping delays, product-safety issues, mass layoffs and plummeting share prices.
To mitigate some of the losses, Peloton has turned to new strategies — raising subscription fees and reducing equipment prices for the first time — and brought in a new CEO, Barry McCarthy, in a bid to get the company back on track.
Now the at-home fitness provider is making another change to its leadership line-up. On Monday, the company announced its chief financial officer Jill Woodworth will leave her position and be replaced by Liz Coddington, an Amazon Web Services executive, effective next week.
Related: Pedaling Up a Steep Hill: Peloton Cuts Thousands of Workers, Offers Them 1-Year Free Subscription
Coddington held roles at Walmart.com and Netflix in the past. Woodworth had been at Peloton since 2018, and, per the company's announcement, she will remain a consultant at the company on an interim basis.
"Liz is a deeply talented finance executive and will be an invaluable addition to Peloton's leadership team," McCarthy said in the release. "Having worked at some of the strongest and most recognizable technology brands, she not only brings the expertise needed to run our finance organization, but she has a critical understanding of what it takes to drive growth and operational excellence."
Activist investor Blackwells Capital urged Peloton to consider a sale in April, per CNBC, and in May, the company signed a binding agreement with JPMorgan and Goldman Sachs to borrow $750 million in five-year term debt in an attempt to restore the business to free cash flow positive.
Related: People Are Going Back to Gyms, Peloton Shares Plummet 33%
Peloton Interactive Inc was down nearly 65% year over year as of Tuesday morning.
