Peloton has appointed Liz Coddington, a 20-year veteran of financial planning, as its new chief financial officer, a press release said Monday (June 6).
She’s taking over for current CFO Jill Woodworth, who is stepping down after serving for the past four years.
Coddington was recently vice president of finance for Amazon Web Services, and has also worked with various other companies in B2B and consumer-facing industries, including with Walmart and Netflix.
“Liz is a deeply talented finance executive and will be an invaluable addition to Peloton’s leadership team,” Peloton CEO Barry McCarthy said. “Having worked at some of the strongest and most recognizable technology brands, she not only brings the expertise needed to run our finance organization, but she has a critical understanding of what it takes to drive growth and operational excellence. I have seen her intellect, abilities and leadership firsthand.”
Peloton has been through rough waters as of late, with its good fortunes early in the pandemic — due to people needing to exercise while stuck at home — diminishing as things began reopening.
See also: Peloton’s ‘Exhausting’ Turnaround Faces Uphill Shift From Bikes and Treadmills to App
PYMNTS wrote that the company’s shares dropped to “a new low” on May 10 after it posted a $750 million loss amid a fall in subscriber growth.
Peloton’s stock had already fallen 70% in the past six months.
“Turnarounds are hard work,” McCarthy wrote in a letter to shareholders released alongside the fiscal third-quarter results. “It’s intellectually challenging, emotionally draining, physically exhausting, and all consuming.”
Peloton saw its total membership number up 29% from a year prior, and it had 195,000 net subscriptions — but it was only around half of the 414,000 new users it had added the previous year, when people were more worried about the pandemic and going out in public.
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