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		</div><p>The co-founder of Peloton is stepping down as the company’s chief executive following a decline in fortunes at the exercise and treadmill company.</p>
<p>Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position held by John Foley.</p>
<p>Mr McCarthy will also have a seat on the board.</p>
<p>Mr Foley will become Peloton’s executive chair.</p>
<p>William Lynch, who currently serves as president, will leave that role and become a non-executive director.</p>
<p>The company also announced that it was cutting 2,800 jobs globally, including a 20% cut at corporate offices.</p>
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