PelotonAs it seeks to reduce its dependence on waning sales, the company plans to hire a new CEO John Foley. according to a report in the Wall Street Journal.

According to the report, Barry McCarthy (ex-chief financial officer at Spotify and Netflix) will be appointed CEO and President and join Peloton’s board.

Peloton is expected to cut around 20% of its corporate jobs, however, the Journal says that they will not affect Peloton’s instructor rosters and content.

CNBC did not receive a response from a spokesperson for Peloton.

Foley’s retirement news comes just before Peloton reports its fiscal second quarter results. They are expected to be announced after the market closes Tuesday.

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