Facing the consequences of some poor business decisions and an uncertain future, Peloton made the difficult decision to lay off approximately 20 percent of its workforce, totaling 2,800 employees.
Perhaps worried about the public relations storm this news would create (and further damage to its already diminished stock price), John Foley, Peloton's now-former President and CEO, and the company's co-founder, took to the company's website to explain the decision. Part of that explanation was an outline of the severance packages being offered to those impacted by the layoff.