PelotonBarry McCarthy, the new CEO of’s is telling his remaining employees that he’s here for “the comeback story.”

Peloton workers received an email late Tuesday night following the announcement by the former Netflix SpotifyAn executive would be replacing Peloton founder John Foley as chief executiveMcCarthy was the one who laid the foundation for McCarthy’s plans to restructure the struggling fitness business.

In the memo, he said that “We need to face the world the way it is and not the way we want it to,” which CNBC obtained.

He continued, “If this was what today’s headline meant John…” [Foley]I would suggest that he reduces his involvement in Peloton. John has many superpowers, including content and marketing visionaries, that I will use to make Peloton successful as my partner.

Foley, a former Barnes & Noble exec who launched Peloton in 2012, has transitioned to executive chairman as part of the management shakeup.

McCarthy wrote, “And now the reset button is pushed. The challenge before us is this… Do we waste the opportunity or engineer the great comeback story post-Covid?.”

McCarthy’s remarks cast doubt on the notion that Peloton might be willing to takeover a company such as AmazonOder Nike. In recent days, reports have circulated that certain parties were interested in the businessDuring the stock’s fall. Blackwells Capital activist is also pushing Peloton to consider a sale.

CNBC asked for further comment from a spokesperson at Peloton, and she did not reply.

Peloton analysts are confident about McCarthy’s abilities, according to analyst. given his experience working with foundersAssisting in the development of large membership-based companies.

Dana Telsey CEO, Telsey Advisory Group stated that “he has a lot of experience growing subscription businesses” and would be able to implement the restructuring plan and instill financial discipline while helping scale the business.

KeyBanc Capital Markets analyst Ed Yruma referred to McCarthy as being “uniquely positioned” for the job.

In a note to his clients, he stated that “we have always believed that the Content Business is both the most valuable element and the competitive moat of the Peloton Story.”

McCarthy will have a long road ahead of him to return Peloton profitability. Peloton’s user growth is slowing in recent quarters. This means that the market for fitness products with connected capabilities has become more crowded. Peloton must compete against gyms that are attracting customers eager to leave the home.

Peloton shares fell about 1% Wednesday in premarket trades. However, Tuesday’s close was up 25% at $37.27.

The full email Barry McCarthy, Peloton CEO sent to employees can be viewed below.