Peloton Interactive announced the appointment of former Spotify CFO Barry McCarthy as its Chief Executive Officer and President. Former Co-founder John Foley will move to a new role as Executive Chair.  The exercise-equipment maker also announced a plan to cut 2,800 jobs as part of a restructuring program.

“Effective today, I will be moving into a new role as Executive Chair, and Barry McCarthy will be joining Peloton as CEO & President,” writes John Foley in a note to the Peloton Team.

William Lynch, who has served as President since January 2017, will be transitioning from his role. He will remain on the Board as a non-executive Director, the note says.  

“Amongst a number of other senior-level departures across various areas of the business that you’ll learn of in the coming days, I wanted to give a special shout out to my wife, Jill Foley, who will be transitioning from her role as VP of Apparel in the coming months,” the note adds.

 “Jill has been with Peloton since its inception. She founded and built our incredible Apparel business from the ground up.”