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

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

Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over as CEO, the company said Tuesday.

Peloton has been on a wild ride for the past two years during the pandemic. Company shares