Peloton has overhauled its operations, bringing in new management and making layoffs, according to a Monday (Feb. 14) Bloomberg report.
That includes the leaving of executives running operations, its supply chain and various other functions.
Mariana Garavaglia, the operations chief, has departed — she took a new role at the 3D printing company Relativity Space as of Monday (Feb. 14). She was in charge of “human resources, enterprise systems and customer support,” per the report.
Brad Olson, chief business officer, and Jon Adee, who was in charge of the supply chain, also left. Olson was responsible for business development, subscriptions and program management. Recently, Peloton’s supply chain came under fire because Peloton “miscalculated demand,” Bloomberg wrote.
The departures have shown how much the company has been affected. Some investors have said they hope this will make the company more attractive to a suitor.
New CEO Barry McCarthy, previously of Spotify Technology, said he’s focused on turning around the business. He doesn’t intend to sell the company.
He said other opportunities are available, including doubling the company’s amount of on-demand content offerings, expanding into new companies and adding products.
Peloton saw its market value fall over 80% before rallying, with rumors about buyers surfacing.
McCarthy used to be finance chief for Netflix. He said his focus is on fostering growth at the company.
Read more: New Peloton CEO: No Plans to Sell Floundering Connected Health Brand
“If I thought it was likely that the business was going to be acquired in the foreseeable future, I can’t imagine it would be a rational act to move across the country,” he said. “There are lots of other things I could be doing with my time that are quite lucrative than hanging out with a business that’s about to be sold.”
