The co-founder of Peloton is stepping down as the company's chief executive after an extended streak of tumult at the exercise and treadmill company.

Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position held by John Foley. McCarthy will also have a seat on the board.

"Since founding Peloton a decade ago, we've grown this brand to engage and motivate a loyal community of more than 6.6 million Members,” Foley said in a news release. “I'm incredibly proud to have worked with such talented teammates over the years who have helped me build Peloton into what it is today, and I'm confident that Barry is the right leader to take the company into its next phase of growth.”

Foley will become Peloton's executive chair. William Lynch, who currently serves as president, will leave that role and become a non-executive director.

The company also announced that it is cutting 2,800 jobs globally, including a 20% cut to at corporate offices. Those and other cost-cutting moves are expected to save Peloton at least $800 million a year, leading to consistent profitability, the company said. 

"These decisions, particularly those related to our impacted Peloton team members, were not taken lightly,” Foley said. “We greatly value the contributions of our talented colleagues and are committed to supporting impacted team members in their transitions. We thank our global team members for their focus and dedication through this process."

Peloton’s shares have plummeted from a peak of $162.70 in December 2020 to less than $30 today. Shares were up 21% Monday based on reports that Amazon, Apple and Nike were exploring bids to purchase the company.