In May 2021, the company said it would commit $400 million towards building the first Peloton factory in the United States as it looked to address lags in deliveries. Peloton’s leadership sought ways to meet and capitalize on the heightened demand for its product. For many of those who lost their jobs this week, the circumstances surrounding the layoffs represented a distinctly pandemic end to their time at the company: let go in virtual meetings after struggling to get access to the applications they relied on for remote work.Īs much of the world went through one lockdown after another, Peloton saw unprecedented demand for its connected bikes and treadmills, which pair with a monthly subscription to its virtual workout classes. Alongside other pandemic bets like Zoom, Peloton had been a Wall Street darling for much of the prior two years. The sweeping layoffs, and the news that Peloton’s founder John Foley would be stepping down as CEO after a decade in charge, capped off months of turmoil at the popular fitness company. The employee who worked in the product department said his initial reaction was to think it was a joke, but added that he’d still take advantage of the offer. “I don’t know when I’ll be in a place where I’ll enthusiastically get on a Peloton again,” she said. One employee, who described the severance package as “generous,” said the membership extension felt a little tone deaf, even if the company intended well.
PELOTON APP SWITCH PROFILES FREE
Workers were offered a severance package that included cash compensation, extended healthcare coverage and equity vesting, along with an unusual consolation: one additional free year of All Access membership to Peloton’s subscription services, something workers received as an employee perk.
The layoffs hit people in departments including engineering, sales and marketing as well as those who physically delivered Peloton products to consumers, according to public posts from those who’ve lost their jobs. He was read what sounded like a script and was informed he was among 2,800 people losing their jobs. The employee, who like others spoke on condition of anonymity for fear of career repercussions or of jeopardizing their severance packages, said he woke up to a calendar invite on Tuesday for a one-on-one video call with a department leader.
Peloton is replacing its CEO and cutting 2,800 jobs
Matt Winkelmeyer/Getty Images for Vanity Fair John Foley, cofounder and CEO of Peloton, and Vanity Fair correspondent Jane Fox speak onstage during 'Peloton Gears Up' at Vanity Fair's 6th Annual New Establishment Summit at Wallis Annenberg Center for the Performing Arts on Octoin Beverly Hills.
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