NEW YORK —

       The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company, which is also cutting almost 3,000 jobs.

       John Foley first pitched the idea of an interactive exercise bike in 2011, hoping to disrupt the fitness industry. He will give up the CEO position and become executive chair at Peloton Interactive.

       Barry McCarthy, who served as chief financial officer at Spotify as well as at Netflix, will take over as CEO.

       Peloton had been the subject of media reports this week of a potential takeover by either Amazon or Nike. But Tuesday’s development deflated hopes for such a deep-pocketed buyer, and shares of Peloton slumped 7% before the opening bell.

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       The company’s shares have been on a roller-coaster since the pandemic began. They surged more than 400% in 2020 as COVID-19 forced lockdowns and shifted the workouts from the gym to the home.

       Last year, nearly all of those gains were wiped out as businesses reopened and people started heading back to gyms. The stock fell further this year amid reports the company would cut back production as sales tumbled.

       Television

       Peloton really filmed that snarky Mr. Big ‘And Just Like That’ commercial in 48 hours

       A shocking scene in the premiere of HBO’s ‘Sex and the City’ reboot ‘And Just Like That ...’ caused stock prices for Peloton exercise bikes to plummet.

       There was also a demand late last month from activist investor Blackwells Capital that Peloton remove Foley as CEO and that it consider selling the company amid waning consumer demand.

       Peloton also announced 2,800 job cuts globally, including approximately 20% of corporate jobs at the New York-based company. The instructors who lead interactive classes for Peloton will not be included in cuts, nor will the content that the company relies on to lure users.

       Peloton said it was winding down the development of its Peloton Output Park in Ohio. It will also reduce its owned-and-operated warehousing and delivery locations and will instead ramp up its third-party relationships.

       Peloton is looking to reduce its planned capital expenditures for this year by about $150 million. The restructuring program is expected to result in about $130 million in cash charges related to severance and other exit and restructuring activities and $80 million in non-cash charges. The majority of the charges will be recorded in fiscal 2022.

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       “Peloton is at an important juncture, and we are taking decisive steps. Our focus is on building on the already amazing Peloton member experience, while optimizing our organization to deliver profitable growth,” Foley said in a prepared statement.

       The company anticipates at least $800 million in annual cost savings once its actions are fully implemented.

       Wall Street looked at the shakeup Tuesday as a pivotal moment for Peloton.

       “We believe Foley leaving makes it more likely that Peloton ultimately sells the company and the board clearly has major decisions to make in the days/weeks/months ahead,” Wedbush analysts Daniel Ives and John Katsingris wrote.