Business & Lobbying

Laid-off Peloton staffers crash new CEO’s all-hands meeting: report

Laid-off Peloton staffers crashed an all-hands meeting on Wednesday that was used to introduce the new CEO of the company, three people familiar with the situation told CNBC.

The company announced Tuesday that former Netflix and Spotify tech executive Barry McCarthy would take over the company while 2,800 employees would lose their jobs. 

Former CEO John Foley was in the meeting to introduce McCarthy when the messaging function got flooded with comments from current and laid-off employees about the cuts.

“I’m selling all my Peloton apparel to pay my bills!!!,” one person said in messages obtained by CNBC.

“This is awfully tone deaf,” another person messaged.

Peloton is laying off employees as part of corporate restructuring as its stock prices have fallen.

The company expects the changes will cut $800 million in annual costs. 

“The company messed up by allowing people who were fired into this chat,” one person said after the meeting chat got flooded, according to CNBC. “Too late to mod [moderate] this.”

McCarthy would not comment toward the end of the call on whether laid-off employees had gotten into the chat, per the network. The meeting ended sooner than planned.

The laid-off staffers have begun working together to help each other find jobs, CNBC noted. The company offered them cash severance, a 12-month Peloton membership and career services.

“Peloton is at an important juncture, and we are taking decisive steps. Our focus is on building on the already amazing Peloton Member experience, while optimizing our organization to deliver profitable growth,” Foley, who will now be the company’s executive chair, said Tuesday.

“This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline,” he added. 

The Hill has reached out to Peloton for comment.

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