Barry McCarthy took over as CEO of Peloton in February 2022, replacing co-founder John Foley, who transitioned to executive chairman.
With a background as the CFO of major companies like Spotify and Netflix, McCarthy brought his financial acumen and transformative leadership skills to the exercise equipment company.
Peloton agreed to pay McCarthy a base salary of $1 million per year, along with $150,000 for moving expenses to relocate his family to New York. McCarthy and his wife were big fans of Peloton even before he took on the role of CEO.
Prior to joining Peloton, McCarthy served on the board of Spotify before becoming CFO in 2015. He played a key role in steering the company towards a successful direct listing, helping Spotify avoid the traditional expenses associated with an initial public offering.
McCarthy’s experience also includes over a decade as Netflix’s CFO, where he oversaw the company’s transition from DVD rentals to online streaming. He has also served on the boards of various companies, demonstrating his expertise in running successful subscription-based business models.
However, after only two years at the helm of Peloton, McCarthy announced his resignation as CEO in May 2024. The company revealed plans to lay off 15% of its staff in a restructuring effort to align costs with revenue. McCarthy will stay on as a strategic advisor until the end of the year.
Despite the challenges faced by Peloton, McCarthy’s leadership has not gone unnoticed. His total compensation package of $168 million at the company reflected his significant contribution and impact during his tenure. McCarthy’s legacy at Peloton and his successful track record in the technology industry will undoubtedly leave a lasting impression on the company and its future direction.
