Peloton announces new CEO, other leadership changes
Interactive fitness bike company Peloton has announced three changes to its leadership team, potentially impacting its own brand clothing line. Peloton Interactive has named Barry McCarthy as CEO and president of the company, Peloton co-founder John Foley will become executive chair, and William Lynch has moved from president of the company to a non-executive director on the company board.
Last September, Peloton ventured into the private label realm with the debut of its own brand apparel line. The company ended up taking legal action to defend its athleisure collection following threats from Lululemon over alleged patent infringement. Following a boom during the initial stages of the pandemic, Peloton sales have decreased year over year.
“Today's leadership changes are the culmination of a succession planning process that the board and John (Foley) have worked on together over the last several months,” said Karen Boone, lead independent director at Peloton. “We all agree that Barry is uniquely suited to lead Peloton into its next chapter and that this leadership transition will best position Peloton for sustainable growth, profitability, and long-term success. Barry is a proven leader, well known for his financial acumen and record of driving transformative change at iconic companies including Netflix and Spotify. In addition to his own extensive experience and expertise, Barry will also benefit from John's continued support as executive chair, which we view as a winning combination for all Peloton stakeholders."
McCarthy served as chief financial officer of Spotify from 2015 to January 2020, and chief financial officer of Netflix from 1999 to 2010. Prior to Netflix, McCarthy held various leadership positions in management consulting, investment banking, and media and entertainment. McCarthy has served on the boards of directors of Spotify and Instacart since January 2020 and January 2021, respectively. He holds a Bachelor of Arts in History from Williams College and a Master of Business Administration in Finance from the Wharton School at the University of Pennsylvania.
“As a passionate Peloton Member, I have experienced firsthand this fantastic company's mission and believe there is enormous potential for the platform,” said McCarthy. “I'm honored to join Peloton at such an important moment in the company's history and look forward to working closely with John, the Board, and Peloton's team members at all levels of the organization to execute against Peloton's strategy and take the business to the next level."