A Peloton exercise bike is seen after the ringing of the opening bell for the corporate’s IPO on the Nasdaq Market site in Latest York City, Latest York, U.S., September 26, 2019.
Shannon Stapleton | Reuters
Peloton’s chief financial officer, Jill Woodworth, is leaving the corporate and will likely be replaced by Liz Coddington, an executive at Amazon Web Services, effective next week, the corporate announced Monday.
The handover marks one other departure from the at-home fitness company’s top ranks. Peloton earlier this yr appointed Barry McCarthy, formerly CFO at Netflix and Spotify, to the role of chief executive officer.
McCarthy took the helm from founder John Foley at a time of intense upheaval at the corporate, which has suffered from rising costs and waning demand. He’s launched the corporate on an aggressive cost restructuring plan that partly emphasizes recurring subscription revenue.
“Liz is a deeply talented finance executive and will likely be a useful addition to Peloton’s leadership team,” McCarthy said in a release. “Having worked at among the strongest and most recognizable technology brands, she not only brings the expertise needed to run our finance organization, but she has a critical understanding of what it takes to drive growth and operational excellence. I actually have seen her intellect, abilities, and leadership firsthand and am excited to work closely along with her as we execute the following phase of Peloton’s journey.”
Coddington previously held roles at Walmart.com and Netflix. Woodworth had been at Peloton since 2018 and can remain at the corporate as a consultant on an interim basis, in keeping with the announcement.
Peloton has come under pressure in recent months from activist investor Blackwells Capital, which as recently as April urged the corporate to contemplate a sale.
The maker of connected bikes and treadmills has struggled to sustain its pandemic-era growth. In January CNBC reported the corporate had walked back ambitious sales projections, and in February it laid off 2,800 employees.
McCarthy said during his first earnings conference call on the helm of the corporate that he was surprised to learn just how discombobulated the availability chain was and the way quickly the corporate’s money coffers were shrinking.
In May, the corporate signed a binding commitment letter with JPMorgan and Goldman Sachs to borrow $750 million in five-year term debt in an effort to return the business to free money flow positive.
—CNBC’s Lauren Thomas contributed to this report.