Peloton Replaced Its CEO and Is Laying Off 2,800 People

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Exercise equipment manufacturer Peloton is giving new meaning to slimming down.

With sales of its home fitness equipment in a tailspin and unhappy investors calling for blood, the company replaced its CEO, John Foley, Tuesday and said it will lay off 2,800 people, or 20% of its workforce.

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Source Fool.com