Tech executive McCarthy moves to Peloton, investors cheer his arrival

Technology industry executive Barry McCarthy is an avid user of a Peloton bike and now the stakes for his workouts are rising as he becomes chief executive with a goal to restore the fitness company's lost luster.

McCarthy cemented his credentials in Silicon Valley and on Wall Street when he worked alongside company founders as chief financial officer at subscription-based streaming companies Netflix and Spotify Technology.

Now those skills will be put to the test as he replaces Peloton co-founder John Foley in the top position and tries to recoup billions of dollars in value erased over the last year.

Investors welcomed his arrival by pushing Peloton's stock price up 30% on Tuesday, more than the gains from news that Peloton was a possible takeover target.

Dan Rosensweig (SHS 1979), chief executive officer of student services company Chegg, where McCarthy had served as a director, called him a "perfect choice" to lead Peloton into its next chapter.

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