Stock Groups

Meet Peloton’s new CEO Barry McCarthy

[ad_1]

Barry McCarthy, chief financial officer at Spotify, attend annual Allen & Company Sun Valley Conference, July 11, 2018 in Sun Valley, Idaho.

Drew Angerer | Getty Images

PelotonBarry McCarthy is a tech executive who will help the company return to investor’s good graces after some turbulent years.

McCarthy was previously the CFO at SpotifyIs. replacing Peloton co-founder John FoleyFoley is appointed chief executive officer for the fitness business, with Foley becoming executive chairman. On Tuesday, Foley was named executive chairman and the company’s revenue forecast was cut.

“Barry is an experienced leader who is well-known for his financial acumen as well as record of driving transformational change at iconic businesses such as Coca Cola and IBM. NetflixMusic and Spotify,” Karen Boone, the lead independent director for Peloton’s board of directors and former RHStatement by CFO

McCarthy (68) began his career at Spotify one year after joining the board. McCarthy is credited for pushing the company towards a direct listing in order to make it public. It helped avoid all the hassles and fees associated with an initial public offering. McCarthy quit the music streaming firm in January 2020 and rejoined its board. Instacart currently has McCarthy on its board.

Before joining Spotify, McCarthy worked as Netflix’s Chief Financial Officer for eight years. He was co-founded by Reed Hastings. While the company was still shipping DVDs directly to its customers’ homes, McCarthy took it public. He left Netflix in the late 2010 and Netflix had already started streaming TV and movies online. They were about to separate subscription plans that allowed for both renting and streaming DVDs.

“He’s not only recognized as an expert in running subscription business models and helping category-leading digital streaming companies flourish, but he has also had tremendous success in partnering with founder CEOs at other brands. Foley released a statement saying that he was excited to share his knowledge and collaborate with him as Executive Chairman.

McCarthy was briefly the chief operating officer of Clinkle, which is a mobile payment company, between his stints at Netflix and Spotify. Also, he has served as a board member of Chegg, Pandora, Rent the Runway (Rent the Runway), Chegg, and NatureBox. From 1993 to 1999, his first position as CFO was with Music Choice. Music programming companies are Music Choice.

Peloton shares were 2.8% higher in premarket trades. Over the last twelve months, Peloton shares have fallen by 79%, driving its market value to $10 Billion.

[ad_2]