Peloton CEO denies production halt 'rumours', mulls job cuts
By Iain Gilbert
Date: Friday 21 Jan 2022
(Sharecast News) - Fitness products outfit Peloton said on Friday that it was mulling job cuts but its chief executive denied the firm was considering halting production of its bikes and treadmills.
Peloton said it would review the structure and size of its workforce before making moves to "right-size" the production of its internet-connected products after a CNBC report a day earlier claimed the firm was planning a temporary pause in production.
Chief executive John Foley told employees that the "rumours" that it was halting all production of bikes and treads were false and stated it had identified the "leaker" responsible for the story and was "moving forward with the appropriate legal action".
However, Foley added that in the past, Peloton had vowed that layoffs would be "the absolute last lever we would ever hope to pull". However, he warned that the firm would now need to evaluate its organisation structure and the size of its team.
As of 1315 GMT, Peloton shares were up 6.11% in pre-market trading at $25.70 each.
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