The CEO of Peloton Interactive Inc. John Foley will resign and become CEO, the Wall Street Journal reports, citing company information.

The publication writes that the exercise bike maker, which became popular during the pandemic, will now lose about 2,800 jobs, affecting about 20% of corporate positions. Barry McCarthy, former CFO of Spotify Technology SA, will take over as CEO.

Peloton shares have fallen more than 80% from their all-time high a year ago as a gradual loosening of pandemic-era restrictions raised fears that the home fitness company’s growth would slow.