• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Top Trading Strategy
No Result
View All Result
Home Breaking News

Peloton CEO Barry McCarthy’s first all-hands meeting cut short after laid-off employees crash it

by
February 9, 2022
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Bank of America Says Bullish Indicators Point to a Higher Stock Market — Here Are 2 Names the Banking Giant Likes

Target to shut 9 stores across 4 US states amid rising retail crime

The housing market has hit ‘rock bottom’ and the sales slump will last a long time, Redfin CEO says

Warren Buffett Sold His Only REIT Last Year, But He’s Betting Big On Housing With Three New Investments

In this article

PTON

In this photo illustration the Peloton Interactive logo seen displayed on a smartphone screen.
Rafael Henrique | LightRocket | Getty Images

Peloton held a virtual all-hands meeting Wednesday that was meant to introduce its new CEO, Barry McCarthy.

Instead, a conversation between McCarthy and former CEO John Foley was abruptly cut short, according to three people familiar with the details of the meeting.

Current and former employees started firing off angry comments about this week’s announced job cuts and accusations of mismanagement in the chat function, messages obtained by CNBC show.

“I’m selling all my Peloton apparel to pay my bills!!!,” wrote one person.

“This is awfully tone deaf,” said another.

“The company messed up by allowing people who were fired into this chat,” another user wrote. “Too late to mod [moderate] this.”

Toward the end of the conversation, McCarthy was asked if employees who had been laid off had somehow gained access to the chat, to which he replied: “No comment.”

The call ended earlier than planned.

A Peloton spokesperson didn’t immediately respond to CNBC’s request for comment.

The situation suggests McCarthy will face numerous challenges ahead. The former tech executive is tasked with getting the company back to profitability, but he will need to boost employee morale.

The connected fitness equipment maker is slashing costs across its business, and part of that will come from the elimination of about 20% of its corporate workforce, or 2,800 jobs. Peloton’s fitness instructors will not be affected.

McCarthy told Peloton employees in an email on Tuesday that he plans to work very closely with Foley through the changes. He called the restructuring a “bitter pill.” But, McCarthy said, “either revenue had to grow faster or spending had to shrink.”

Meantime, workers who learned this week that they lost their jobs at Peloton have started collectively helping each other look for new positions, across social media platform LinkedIn.

By Wednesday afternoon, a publicly accessible spreadsheet that was created by former Peloton workers had collected more than 250 names and email addresses of people seeking employment.

Peloton has offered affected workers cash severance, career services and a monthly Peloton membership for 12 months.

Next Post

If You’re Using This Common Investing Tactic, You’re Almost Certain to Fail

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Bank of America Says Bullish Indicators Point to a Higher Stock Market — Here Are 2 Names the Banking Giant Likes

by
September 28, 2023
0

S&P Futures 4,309.25 -4.25(-0.10%)   Dow Futures 33,748.00 -43.00(-0.13%)   Nasdaq Futures 14,718.75 -20.25(-0.14%)   Russell 2000 Futures 1,791.40 -1.60(-0.09%)...

Read more

Bank of America Says Bullish Indicators Point to a Higher Stock Market — Here Are 2 Names the Banking Giant Likes

Target to shut 9 stores across 4 US states amid rising retail crime

The housing market has hit ‘rock bottom’ and the sales slump will last a long time, Redfin CEO says

Warren Buffett Sold His Only REIT Last Year, But He’s Betting Big On Housing With Three New Investments

These 10%-Yielding Dividend Stocks Look Very Attractive Right Now, Analysts Say

Costco says its 1-ounce gold bars are real and have been selling out in hours

Load More

All rights reserved by www.toptradingstrategy.net

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.