June 25, 2024

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Peloton swaps CFO as it rolls around in ongoing losses

Peloton swaps CFO as it rolls around in ongoing losses

Interactive Peloton a company

It is swapping its chief financial officer about four months after being appointed as its new CEO, a move that comes as the fitness equipment maker suffers ongoing losses.

The New York-based home exercise equipment company said Monday that Liz Coddington will serve as its chief financial officer starting June 13. Peloton said current chief financial officer Jill Woodworth has decided to leave after more than four years with the company.

Peloton said Ms Woodworth will remain with the company as an advisor on an interim basis to help prepare the financial results for the 2022 fiscal year.

Ms. Coddington most recently served as Vice President of Finance for Amazon Web Services, and

Amazon.com a company

A subsidiary company that provides on-demand cloud computing platforms. Prior to that, she held the positions of Chief Financial Officer and Finance at companies including Retailers

Walmart a company

and business flow

Netflix a company

Ms Coddington joined Peloton as the company deals with sagging consumer demand after facing issues with its ability to meet orders, which surged during the early stages of the pandemic. An increase in demand for Peloton bikes prompted the company to set up a million-square-foot plant in Wood County, Ohio, last year.

Peloton is now looking forward to Factory sale which you will never use. The company also Discounted prices For its equipment, it expected slower growth and had to borrow $750 million to finance its operations.

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Peloton reported in May Its biggest quarterly loss since the company went public in 2019posted a net loss of $757.1 million for the quarter ended March 31, compared to a loss of $8.6 million in the same period a year earlier.

In February, Peloton replacing CEO John Foley with Barry McCarthy, who previously led the finances for the digital music service

Spotify Technology SA

and Netflix. The company also cut 2,800 jobs amid falling demand for exercise equipment. Mr. Foley has been closely associated with the company’s growth phase after its public offering and increased revenue early in the pandemic.

Rohit Kulkarni, managing director of research and equity trading firm MKM Partners LLC, said the change in the CFO seat makes sense given the ongoing restructuring under Mr McCarthy’s leadership.

“As the new CEO makes his mark on the organization’s structure and alignment with where he wants the company to go, these changes aren’t entirely surprising,” he said.

With Peloton’s fiscal year ending on June 30, Ms Coddington will very quickly be “under the microscope of a larger investor,” with the company expected to release fiscal year guidance upon joining, Mr. Kulkarni said. “It will be a difficult task to provide this new guidance.”

write to Jennifer Williams-Alvarez at [email protected] and Mark Maurer at [email protected]

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