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Peloton says its C.E.O. will step down and announces 2,800 layoffs.

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Trying to fend off unhappy investors and bolster sales of its at-home fitness equipment, Peloton announced on Tuesday that it had replaced its chief executive, John Foley, a co-founder, and said it would lay off 2,800 employees worldwide.

Barry McCarthy, who stepped down last year as the chief financial officer of Spotify, was named chief executive and Mr. Foley was made executive chairman.

The layoffs announced Tuesday represent about 20 percent of its corporate work force. Separately, the company said it lost $439 million in its most recent quarter, and lowered its full-year forecasts for revenue, subscriptions and profitability.

Mr. McCarthy takes over the reins at Peloton at a tumultuous time for the company. Peloton, once a pandemic winner, has struggled to recalibrate its supply chain to meet tempering demand as consumers head outdoors for their workouts.

Mr. Foley has come under pressure from investors and Blackwells Capital, an investment manager that had called for the company to fire Mr. Foley and weigh a sale; Peloton’s shares have fallen more than 80 percent since January last year. On Tuesday, Blackwells said the company’s moves “do not address any of Peloton investors’ concerns.” It again called on Peloton to explore a sale.

Blackwells accuses Foley and the board of mismanagement and lists more than a dozen possible buyers of the business, which it says could pay $75 per share and still make money, according to “myriad valuation metrics.” That’s well over 150 percent of Peloton’s current market cap of around $10 billion.

But Peloton’s woes may give potential acquirers pause. Its sales have slowed as people return to gyms, and the planned layoffs reflect that the company may need to cut costs after expanding rapidly earlier in the pandemic. Nike, which has been mentioned has a potential acquirer, has stumbled in some recent acquisitions and is focused on expanding its brand. For Amazon, a deal might not be enough to move the needle. And private equity firms may want a clearer path to profitability.

And Mr. Foley’s new job does not change the fact that he and other insiders control a majority of Peloton’s shares, and thus will decide on a potential sale. He is sure to face questions about Peloton’s path as an independent company during its earnings call, which was moved up to Tuesday morning.

Gregory Schmidt contributed reporting.

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