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.

Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position held by John Foley.

Mr McCarthy will also have a seat on the board.

Mr Foley will become Peloton’s executive chair.

William Lynch, who currently serves as president, will leave that role and become a non-executive director.

The company also announced that it was cutting 2,800 jobs globally, including a 20% cut at corporate offices.