'Simply no other way': Peloton slashes 15% of its staff as CEO Barry McCarthy steps down

- Peloton CEO Barry McCarthy is stepping down and the company is laying off 15% of its staff - Interim co-CEOs appointed until next chief executive is found - Layoffs are part of effort to reduce annual spending by $200 million by 2025 - Peloton's share price decreased by over 91% since McCarthy became CEO in 2022 - McCarthy joined Peloton after a pandemic revenue surge, but demand declined as Covid restrictions eased

Summarized top reddit comments: - Peloton slashes 15% of its staff as CEO Barry McCarthy steps down - Peloton's stock has taken a hit since McCarthy came in - Apple Fitness + Apple Watch is a cheaper alternative to Peloton - Suggestions to lower bike prices and subscription fees - Peloton's growth mindset may have hurt them - Peloton's niche market may have been better suited for a private company - Speculation on the future of Peloton and potential private equity involvement - Some users find humor in the situation, referencing comedian Theo Von