Peloton’s Fix-It CEO Quits
After two years at the helm, Peloton CEO Barry McCarthy resigned last week. With no success at reigniting growth, McCarthy left the initiative to his Peloton co-workers to figure out - at least those who will survive yet another round of layoffs. The Peloton story has been a fascinating one to watch, both on the way up and down. Most of McCarthy’s product ideas were at odds with where the connected fitness industry is headed, dooming any chance he had at proving Peloton could become a larger company.
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The Art of the Turnaround
Bob Iger isn’t wasting time attempting to put Disney on his preferred track. Yesterday, the WSJ reported that Iger had axed Disney’s metaverse and membership teams – two initiatives in their infancy that were spearheaded by Bob Chapek. This follows a reorganization a few weeks back that returned power to the company’s creative executives. Disney is just one of a handful of companies that have been changing strategies to get a better footing in the marketplace.
We can look at Netflix’s move into advertising – something that executives had talked down and dismissed for years - as an acknowledgement of paid streaming becoming bigger than any one company.
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Peloton’s Ride Is Ending
We are at the point where we can begin writing Peloton’s eulogy. Last week, Peloton co-founder and former CEO John Foley stepped away from the company by resigning from the board. He had moved into the executive chairman role this past February after bringing in Barry McCarthy to fix his errors and miscalculations.
Peloton’s user trends continue to worsen.
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