Peloton Swaps Out Finance Chief as It Navigates Persistent Losses

Peloton Interactive Inc. is exchanging its top finance executive about four months after it named a new chief executive, a move that comes as the fitness-equipment maker navigates persistent losses.

The New York-based at-home exercise equipment company on Monday said Liz Coddington will serve as its chief financial officer, effective June 13. Peloton said its current CFO, Jill Woodworth, decided to leave after more than four years with the company.

Peloton said Ms. Woodworth will remain with the company as a consultant on an interim basis to help prepare the fiscal year 2022 financial results.

Ms. Coddington most recently served as vice president of finance for Amazon Web Services, an Amazon.com Inc. subsidiary that provides on-demand cloud computing platforms. Before that, she held CFO and leadership finance roles at companies including retailer Walmart Inc. and streaming business Netflix Inc.

Ms. Coddington joins Peloton after the company struggled with the easing of pandemic-related restrictions on gyms and shifting consumer-buying preferences. In May, Peloton reported its largest quarterly loss since the company went public in 2019, reporting a net loss of $757.1 million for the quarter ended March 31, compared with a loss of $8.6 million in the prior-year period.

In February, Peloton replaced Chief Executive John Foley with Barry McCarthy, who previously led the finances of digital music service Spotify Technology SA and Netflix. The company also cut 2,800 jobs amid reduced demand for its exercise equipment.

The change in the CFO-seat makes sense given the continuing restructuring under Mr. McCarthy, said Rohit Kulkarni, managing director at equity trading and research firm MKM Partners LLC.

“As the new CEO puts his mark on the organization’s structure and aligns it with where he wants the company to go, these changes are not completely surprising,” he said.

With Peloton’s fiscal year ending June 30, Ms. Coddington will very quickly be “under a bigger investor microscope,” as the expectation is that the company will release fiscal year guidance soon after she joins, Mr. Kulkarni said. “It will be a challenging task to provide that new guidance.”