Measures part of restructuring plan (Il Sole 24 Ore Radiocor) - New York, 02 May - US fitness group Peloton announced its CEO Barry McCarthy would be stepping down and the company's global headcount cut by by approximately 15%.

The measures are part of comprehensive restructuring efforts to align the company's cost structure with the current size of its business.

Upon full implementation, the company expects the plan to result in reduced annual run-rate expenses by more than 200 million dollars by the end of its 2025 fiscal year.

Peloton said McCarthy would step down as President, CEO and a Peloton Board Director, and will become a strategic advisor to Peloton through the end of the year.

The Board has initiated a comprehensive search process to identify Peloton's next CEO.

Shares jumped 10% in premarket trade.

AAA-Sje

(RADIOCOR) 02-05-24 15:28:52 (0444) 5 NNNN