- Jill Woodworth, Peloton’s chief financial officer, is leaving the firm.
- Liz Coddington, an executive at Amazon Web Services, will take her place beginning next week, the company stated on Monday.
- The transition represents another departure from the highest ranks of the at-home exercise provider.
Jill Woodworth, Peloton chief financial officer, is leaving the company and will be replaced by Liz Coddington, an executive at Amazon Web Services, beginning next week, the company stated on Monday.
The changeover represents yet another departure from the top ranks of the at-home exercise industry. Peloton appointed Barry McCarthy, formerly CFO at Netflix and Spotify, to the position of CEO earlier this year.
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McCarthy succeeded founder John Foley at a moment of great turmoil at the corporation, which has struggled with rising expenses and dwindling demand. He started the company with an ambitious cost-cutting strategy that includes recurring subscription revenue.
“Liz is a deeply talented finance executive and will be an invaluable addition to Peloton’s leadership team,” McCarthy said in a release. “Having worked at some of the strongest and most recognizable technology brands, she not only brings the expertise needed to run our finance organization, but she has a critical understanding of what it takes to drive growth and operational excellence. I have seen her intellect, abilities, and leadership firsthand and am excited to work closely with her as we execute the next phase of Peloton’s journey.”
Coddington has previously worked for Walmart.com and Netflix. Woodworth has been with Peloton since 2018 and will work as an interim consultant for the company, according to the announcement.
Peloton has been under pressure in recent months from activist investor Blackwell’s Capital, who urged the business to consider a sale as recently as April.
The connected bike and treadmill manufacturer has struggled to maintain its pandemic-era boom. CNBC reported in January that the company had lowered its lofty sales goals, and in February it fired off 2,800 workers.
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McCarthy stated on his first earnings conference call after taking over that he was surprised to learn how disorganized the supply chain was and how quickly the company’s financial reserves were depleting.
In May, the company signed a binding commitment letter with JPMorgan and Goldman Sachs to borrow $750 million in five-year term debt in order to return to positive free cash flow.
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