NEW YORK (BRAIN) — Peloton has eliminated another 500 employees globally, in what the company's CEO termed "the final phase of the company's transformation journey."
CEO and President Barry McCarthy said he misspoke in a Wall Street Journal article that suggested he planned to sell the company if it did not turn around in the next 6 months.
McCarthy said, "I joined Peloton for the comeback story, not to sell the business. And today the business is fundamentally more sound than ever and on the right path, so to be clear, there is no time clock nipping at our heels. If my comments to the WSJ suggested otherwise, then I misspoke, as that is simply not true.
"Restructuring a business requires difficult decisions that affect people's lives. I'm grateful for the many contributions of those who have been impacted. The changes we have made, combined with the performance of the business, are moving us closer to our fiscal year-end goal of break-even cash flow, with a renewed focus on growth. We are in the business of driving performance, and the business is indeed performing. By any measure, we have made remarkable progress in record time."
