{"id":462,"date":"2022-03-02T15:18:51","date_gmt":"2022-03-02T15:18:51","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/03\/02\/pelotons-new-ceo-says-a-sale-isnt-in-the-cards\/"},"modified":"2022-03-02T15:18:52","modified_gmt":"2022-03-02T15:18:52","slug":"pelotons-new-ceo-says-a-sale-isnt-in-the-cards","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/03\/02\/pelotons-new-ceo-says-a-sale-isnt-in-the-cards\/","title":{"rendered":"Peloton\u2019s new CEO says a sale isn\u2019t in the cards"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/2\/14\/22932948\/peloton-mccarthy-new-ceo-sale-connected-fitness<\/a>
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Last week was an eventful week for Peloton: it got a new CEO<\/a>, investors unleashed their fury<\/a> at outgoing CEO John Foley, 2,800 employees were fired<\/a>, and then some of those employees crashed an all-hands<\/a>. At the heart of the drama, a big question was whether new CEO Barry McCarthy had been brought on to get Peloton in shape for a sale as the company\u2019s value has plunged to $8 billion from a pandemic high of $50 billion. However, in a Financial Times<\/em> interview<\/a>, McCarthy has officially nixed the idea for the \u201cforeseeable future.\u201d <\/p>\n

\u201cIf I thought it was likely that the business was going to be acquired in the foreseeable future, I can\u2019t imagine it would be a rational act to move across the country. There are lots of other things I could be doing with my time that are quite lucrative than hanging out a with a business that\u2019s about to be sold,\u201d McCarthy told The Financial Times<\/em>, referring to the fact that he\u2019ll be moving from California to New York for the job.<\/p>\n

McCarthy emphasized that Peloton had room to grow and that he would focus on the content because Peloton is a \u201cconnected fitness company, not a bike company.\u201d (Something that product reviewers and analysts have been saying since day one.) This tracks with McCarthy\u2019s background. Before becoming Peloton CEO, McCarthy was the chief financial officer at Netflix and Spotify (as well as chief operating officer at the ill-fated, ill-remembered mobile payment app Clinkle<\/a>). Following McCarthy\u2019s appointment, Foley touted his experience with digital streaming services and subscription business models. In the FT<\/em> interview, McCarthy also hinted that Peloton\u2019s pricey $39 monthly membership fee could be replaced by an entirely different pricing structure. <\/p>\n

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