- After about two years in the position
- Praise and thanks for McCarthy
- Karen Boone and Chris Bruzzo taking over temporarily
- Search for a successor
(exechange) — New York, May 2, 2024 — Barry McCarthy, chief executive of Peloton, leaves his position. As announced by Peloton Interactive Inc. in a news release on Thursday, May 2, 2024, Barry McCarthy leaves his post as chief executive officer at the exercise bike company, after about two years in the role.
The exact date of Barry McCarthy’s departure from his post was not explicitly given in the announcement.
Generally speaking, it raises questions when a CEO leaves his post after a short tenure.
Peloton will undertake a search for a successor.
Barry McCarthy’s duties as CEO will be taken over temporarily by Karen Boone and Christopher (Chris) Bruzzo, previously Chairperson (Karen Boone); and Director (Chris Bruzzo) at Peloton Interactive Inc., as Interim Co-Chief Executive Officers.
Peloton Interactive, Inc. still listed McCarthy as President & Chief Executive Officer on the leadership page of its website shortly after the leadership-change announcement was published.
“Now is an appropriate time”
The planned management change is explained as follows. Karen Boone stated: “With a strong leadership team in place and the Company now on solid footing, the Board has decided that now is an appropriate time to search for the next CEO of Peloton.”
Precise information regarding Barry McCarthy’s future plans was not immediately available.
“Stepping down”
Peloton said: “Barry McCarthy is stepping down as President, CEO and a Peloton Board Director, and will become a strategic advisor to Peloton through the end of the year.”
Share price decline since February 2022
The announcement follows a decline in Peloton Interactive Inc.’s share price of 89% since February 2022. February 2022 is the month in which McCarthy’s tenure as CEO began.
In the position of CEO since 2022
Barry McCarthy became CEO of the Company in 2022.
Barry McCarthy has served as Peloton’s Chief Executive Officer and President and as a member of the Company’s Board since February 2022.
Prior to joining Peloton, McCarthy served as Spotify’s Chief Financial Officer from 2015 to January 2020 and global head of the advertising business from September 2016 to January 2020.
Prior to joining Spotify, McCarthy was a private investor and served as a member of the board of directors of several private and public companies.
From 1999 to 2010, McCarthy served as Chief Financial Officer and Principal Accounting Officer of Netflix, Inc.
McCarthy held various management positions in management consulting, investment banking, media, and entertainment.
Additionally, from 2011 until February 2022 when he joined Peloton, McCarthy served as a consultant at TCV.
McCarthy has served on the board of directors of Spotify since January 2020 and on the board of directors of Instacart since January 2021, and he has previously served as a director of several private and public companies, including Chegg, Eventbrite, MSD Acquisition Corp, Pandora, and Rent the Runway.
No statement by Barry McCarthy
In the release announcing his departure as CEO of Peloton Interactive Inc., Barry McCarthy received praise and thanks.
The announcement of his departure as CEO does not include a statement by Barry McCarthy.
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.