Peloton Swaps Out Finance Chief as It Navigates Persistent Losses

Peloton stated Ms. Woodworth will stay with the corporate as a advisor on an interim foundation to assist put together the fiscal yr 2022 monetary outcomes.

Ms. Coddington most just lately served as vice chairman of finance for Amazon Net Providers, an

Amazon.com Inc.

subsidiary that gives on-demand cloud computing platforms. Earlier than that, she held CFO and management finance roles at firms together with retailer

Walmart Inc.

and streaming enterprise

Netflix Inc.

Ms. Coddington joins Peloton as the corporate is coping with waning demand from shoppers after dealing with points round its potential to satisfy orders, which soared through the early phases of the pandemic. The surge in demand for Peloton bikes led the corporate to interrupt floor on a million-square-foot manufacturing unit in Wooden County, Ohio, final yr.

Peloton is now seeking to promote the manufacturing unit that it’ll by no means use. The corporate additionally slashed costs for its tools, projected slower development and needed to borrow $750 million to fund its operations.

Peloton in Might reported its largest quarterly loss because the firm went public in 2019, reporting a web lack of $757.1 million for the quarter ended March 31, in contrast with a lack of $8.6 million within the prior-year interval.

In February, Peloton changed Chief Government

John Foley

with

Barry McCarthy,

who beforehand led the funds of digital music service

Spotify Know-how SA

and Netflix. The corporate additionally lower 2,800 jobs amid diminished demand for its train tools. Mr. Foley was intently related to the corporate’s development section after its public providing and the income surge early within the pandemic.

The change within the CFO-seat is sensible given the persevering with restructuring underneath Mr. McCarthy, stated

Rohit Kulkarni,

managing director at fairness buying and selling and analysis agency MKM Companions LLC.

“As the brand new CEO places his mark on the group’s construction and aligns it with the place he needs the corporate to go, these modifications should not utterly stunning,” he stated.

With Peloton’s fiscal yr ending June 30, Ms. Coddington will in a short time be “underneath an even bigger investor microscope,” because the expectation is that the corporate will launch fiscal yr steering quickly after she joins, Mr. Kulkarni stated. “It is going to be a difficult process to supply that new steering.”

Write to Jennifer Williams-Alvarez at jennifer.williams-alvarez@wsj.com and Mark Maurer at Mark.Maurer@wsj.com