The Morning After: What's going to happen to Peloton?

One of the stars of the working-out-from-home boom is struggling. Peloton won't go quietly though and is making some big changes. The company will replace the CEO and co-founder, John Foley, who will become executive chairman, with former Spotify COO Barry McCarthy reportedly set to step into his shoes. While Foley is sticking around, the company is cutting around 2,800 corporate positions -- these won't include Peloton's instructors who lead its live classes. The company said in a press release about the lay-offs that its "monthly membership will be complimentary for impacted team members for an additional 12 months."