Peloton Interactive Inc. is hiring a new executive to oversee its supply chain, aiming to fix a particular weak spot for the fitness company after a boom and bust during the pandemic.
Andrew Rendich will take role of chief supply chain officer next week, the company said Thursday. The executive has three decades of supply chain expertise and will oversee the company’s distribution, information technology and member-support groups as well, Peloton said.
Rendich’s hiring is part of a broader shake-up at the company, which brought on a new chief executive officer last month and sent much of its management team packing. Prior to Peloton, Rendich was chief operating officer at Grove Collaborative, which sells eco-friendly personal and home goods like cleaning products and bedding. Rendich will remain an adviser to his former company, Peloton said.
Rendich also previously worked as an operations executive at Netflix Inc., where new Peloton CEO Barry McCarthy was once chief financial officer.
“Andy deeply understands how to run and execute a subscription model business,” McCarthy said in a statement.
Peloton laid off its former supply chain and operations executives as part of last month’s overhaul. The company’s downfall in recent months was sparked in part by the mismanagement of its supply-and-demand balance and manufacturing. The company’s bikes had been in hot demand at the height of pandemic lockdowns, but interest later cooled and Peloton struggled to adapt. Its shares are down nearly 80% in the past year.
Peloton also is promoting Shari Eaton, its senior vice president of people, to chief people officer. “This role will report to me directly because attracting, retaining, and developing talent is foundational to our success,” McCarthy said.
Earlier on Thursday, Peloton said it will begin testing a new combined hardware and content monthly subscription fee in some areas, removing the need for consumers to pay the upfront cost of its standard bike.
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