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Laid-off Peloton employees crash new CEO’s first meeting

A number of now ex-Peloton employees crashed new chief executive Barry McCarthy’s first virtual all-hands meeting, according to CNBC. The meeting was scheduled to take place… View Article

HEALTH & BEAUTY

Laid-off Peloton employees crash new CEO’s first meeting

A number of now ex-Peloton employees crashed new chief executive Barry McCarthy’s first virtual all-hands meeting, according to CNBC.

The meeting was scheduled to take place a day after the fitness tech company announced it was laying off 2,800 workers and that John Foley was stepping down from his role.

It was meant to introduce the new chief executive with his new team but instead was ambushed by a barrage of angry comments from current and laid-off employees in the chat section, accusing the company of poor management.

“I’m selling all my Peloton apparel to pay my bills!!!” said one person, according to CNBC, citing messages it obtained.

The conversation between the company’s ex-chief executive Foley and his replacement McCarthy was cut short as a result of the comments.

Foley will take up his new role as the company’s executive chair on Tuesday, after emailing all of Peloton’s staff to tell them he’s at the company for the “comeback story,” according to a memo reported by Business Insider.

He also acknowledged the “bitter pill” of laying off approximately 20% of the company’s corporate workforce, in the email.

The job cuts are thought to help Peloton save at least $800 million a year, with the fitness instructor roster left untouched.

Peloton told its staff it will be offering a “meaningful cash severance allotment” and extending equity-vesting periods for its laid-off employees.

They will also receive a free one-year Peloton subscription, offered by Foley through the company website.

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