Peloton Tumbles to Record Low After Announcing CEO Exit, Layoffs

Peloton Interactive Inc.shares fell to a record low after Chief Executive Officer Barry McCarthy announced plans to step down and the struggling fitness company embarked on a major restructuring that will reduce its global workforce by 15%.

The board will conduct a search to name a replacement, Peloton said in a statement Thursday. Board Chair Karen Boone and director Chris Bruzzo will serve as interim co-CEOs.

The shares fell as much as 16% to $2.71 in New York on Thursday, marking the worst intraday drop since February. Even before the decline, the stock was down 47% this year.

McCarthy ...