June 26, 2022

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Peloton has appointed Amazon cloud exec as its new chief financial officer in the latest top-level change

Peloton has appointed Amazon cloud exec as its new chief financial officer in the latest top-level change

A Peloton exercise bike seen after the opening bell of the company’s initial public offering is rung at the Nasdaq market site in New York City, New York, US, September 26, 2019.

Shannon Stapleton | Reuters

peloton On Monday, the company announced that its chief financial officer, Jill Woodworth, will be leaving the company and will be replaced by Liz Coddington, chief executive officer of Amazon Web Services, starting next week.

The delivery marks another departure from the upper echelons of the at-home fitness company. peloton Earlier this year Barry McCarthy, former chief financial officer of Netflix and Spotify, has been appointed CEO.

McCarthy took the helm from founder John Foley at a time of severe turmoil at the company, which was struggling with rising costs and waning demand. He launched the company on a robust cost restructuring plan that partially emphasizes recurring subscription revenue.

“Liz is a very talented financial executive and will be an invaluable addition to the Peloton leadership team,” McCarthy said in a statement. “Having worked for some of the most powerful and well-known brands in technology, she not only brings the expertise needed to run our financial organization, but has a critical understanding of what it takes to drive growth and operational excellence. I have seen her intelligence, capabilities and leadership firsthand and am excited to work with her closely. As we carry out the next phase of the Peloton journey.”

Coddington previously held positions at Walmart.com and Netflix. According to the announcement, Woodworth has been with Peloton since 2018 and will remain at the company as a consultant on a temporary basis.

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Peloton has come under pressure in recent months from activist investor Blackwells Capital, which Late like April Urge the company to consider selling.

The maker of connected bikes and treadmills has struggled to keep the pandemic era growing. In January, CNBC reported that the company has Retreat from ambitious sales forecastsIn February, it laid off 2,800 employees.

McCarthy said during his first earnings call at the head of the company that he wasurges to learn How cluttered the supply chain was and how quickly the company’s cash coffers were shrinking.

In May, the company signed a binding letter of commitment with JP Morgan And the Goldman Sachs To borrow $750 million in five-year debt in an effort to return the business to positive free cash flow.

— CNBC’s Lauren Thomas contributed to this report.