Peloton co-founder steps down after rough ride

(AP) — The co-founder of Peloton is stepping down after an extended streak of tumult at the exercise and treadmill company.

John Foley will no longer serve as Peloton’s CEO as of Wednesday.

Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position and will also serve as president and a board member.