Barry McCarthy, chief monetary officer at Spotify, attend annual Allen & Firm Solar Valley Convention, July 11, 2018 in Solar Valley, Idaho.
Drew Angerer | Getty Photographs
Peloton is seeking to skilled tech government Barry McCarthy to steer the corporate again into traders’ good graces and stabilize its enterprise after just a few curler coaster years.
McCarthy, who beforehand served as CFO of Spotify, is replacing Peloton co-founder John Foley as chief government of the health firm, whereas Foley turns into government chairman. The corporate additionally lower its income forecast, introduced plans to slash 2,800 jobs and overhauled its board in a flurry of reports Tuesday morning.
“Barry is a confirmed chief, well-known for his monetary acumen and report of driving transformative change at iconic corporations together with Netflix and Spotify,” Karen Boone, lead unbiased director of Peloton’s board and former RH CFO, stated in a press release.
McCarthy, 68, started working at Spotify in 2015, a yr after he joined the corporate’s board. He is credited with pushing the corporate to pursue a direct itemizing to go public, serving to the corporate keep away from the normal charges and hoops of an preliminary public providing. McCarthy left the music streaming firm in early 2020 however rejoined its board. He additionally presently serves on the board of Instacart.
Previous to becoming a member of Spotify, McCarthy was Netflix’s CFO for greater than a decade below co-founder Reed Hastings. He took the corporate public whereas it was nonetheless recognized for delivery DVDs to clients’ mailboxes. By the point he left the corporate in late 2010, Netflix had begun streaming tv reveals and films on its web site and was about to separate subscription plans for renting DVDs and streaming.
“He isn’t solely acknowledged as an knowledgeable in operating subscription enterprise fashions and serving to category-leading digital streaming corporations flourish, however he has additionally had super success in partnering with founder CEOs at different manufacturers. I am excited to study from him and work alongside him as Govt Chair,” Foley stated in a press release.
Between his stints at Netflix and Spotify, McCarthy briefly served as chief working officer for Clinkle, a cell funds firm. He has additionally sat on the boards of Eventbrite, Pandora, Hire the Runway, Chegg and NatureBox. His first CFO position was at Music Alternative, a music programming firm, from 1993 to 1999.
Shares of Peloton had been up 2.8% in premarket buying and selling. The inventory has tumbled 79% during the last 12 months, dragging its market worth right down to $10 billion.
Correction: This text has been up to date to replicate that Barry McCarthy was Netflix’s CFO for greater than a decade.