The CEO of Peloton must have thought he’d struck gold when populations around the world were made to exercise from home at the onset of the pandemic. But, after the interactive bike maker’s market value plummeted from around $50 billion a year ago to around $8 billion last week, CEO and co-founder John Foley is quitting his post. The Wall Street Journal reported Tuesday morning that Foley will become executive chairman while Barry McCarthy, the former chief financial officer of Spotify, will be brought in as CEO. The Journal reported that, as the CEO leaves, some 2,800 jobs will be axed to help the company deal with its tanking share price. Investors appeared to be on board with the changes—the company’s shares rose 21 percent Monday amid growing speculation of Foley’s exit. “I have always thought there has to be a better CEO for Peloton than me,” said Foley. “Barry is more perfectly suited than anybody I could’ve imagined.”