Core Summary

  • Peloton Interactive announced in a securities filing that Chief Accounting Officer Saqib Baig will, effective March 27,serve as interim Chief Financial Officer, succeeding departing finance chief Liz Coddington.
  • The interim appointment comes about a month after the company announced Coddington's departure due to "outside opportunities"departure, as previously reported by CFO Dive. In a separate statement last month, energy company Palmetto announced Coddington would join as its finance chief on March 30.
  • The New York-based company makes the interim appointment as Peloton continues to execute a global restructuring plan aimed at cutting operating expenses, while its subscriber numbers continue to decline.

Deep Dive

The company did not disclose any compensation details related to the interim appointment in its filing with the U.S. Securities and Exchange Commission.

Baig has served as chief accounting officer at the fitness equipment company since November 2022 and has also served as CFO of its commercial business segment since August of last year, according to his LinkedIn profile.

Before joining Peloton, he spent three years as a finance director at Facebook parent Meta, overseeing SEC reporting, internal reporting and automation, and policy governance. He also held senior finance roles at Colgate-Palmolive and GE Capital, and worked at Big Four firms Deloitte, PwC, and EY.

Baig steps into the interim role as Peloton seeks to reverse declining subscriptions and cut costs following a sales slump after the peak of the COVID-19 pandemic. In August of last year, Pelotonlaunched a restructuring plantargeting $100 million in operating cost savings by the end of fiscal 2026, as CFO Dive reported at the time. As part of that plan, the company cut 6% of its global workforce and announced plans to reduce indirect expenses.

In January, as part of the restructuring plan, the company announced it wouldcut an additional 11% of its workforce, according to Bloomberg. The cuts primarily affected engineering team members working on technology and enterprise customer roles, Bloomberg reported.

Peloton has also continued efforts to lower operating expenses and boost subscriptions, integrating artificial intelligence into its Peloton IQ product andlaunching hardware updateswith a new equipment line focused on cross-training, according to a press release from October of last year.

Coddington said on the company's latest quarterly earnings call for the period ended December 31 that the restructuring plan has improved Peloton's operating expenses. In the second quarter of fiscal 2026,operating expenses decreased 5% year over yearto $364 million, according to its earnings report. Gross profit also rose, up 4% year over year to approximately $331 million.

However, the company's member subscriptions fell 7% in the quarter to 2.6 million.

Peloton did not immediately respond to a request for comment regarding the interim appointment or whether Baig is being considered for the permanent CFO role.