Peloton to replace chief executive and cut 2,800 jobs amid sales slump

Peloton, the troubled exercise equipment company, is replacing its chief executive and planning to axe 2,800 jobs as it deals with a post-pandemic sales crash.

The move, first reported in the Wall Street Journal, comes weeks after activist investor Blackwell Capital called for Peloton to fire Foley and explore a sale of the company. Amazon and Nike have reportedly expressed interest.

Peloton became one of the highest-profile successes of the pandemic as people canceled gym memberships and bought its exercise bikes and treadmills to work out at home.

Last May, Peloton recalled its two treadmills after the death of a child and dozens of other injuries.