Peloton CEO Barry McCarthy is stepping down from the beleaguered high-end fitness company after just more than two years in the role, the company announced Thursday. 

Karen Boone, who is the current Peloton chair, and Chris Bruzzo, a Peloton director, will serve as interim co-CEOs, the company said. 

McCarthy, who took the reins from former CEO John Foley in February 2022, will become a strategic adviser to Peloton through the end of the year. 

In a separate notice, the company also said it was cutting about 15% of its global workforce, or about 400 employees, to lower costs. 

This is a developing story. Check back for updates.