Peloton’s (PTON Quick QuotePTON - Free Report) wild ride continued yesterday. CEO John Foley announced that he will be stepping down and former Spotify (SPOT Quick QuoteSPOT - Free Report) and Netflix (NFLX Quick QuoteNFLX - Free Report) CFO Barry McCarthy will be filling the chief executive shoes effective today. Foley will now become the company’s executive chair.

Peloton also said it will lay off 2,800 employees, which includes about 20% of its corporate positions and it will reduce the number of warehouses it owns and operates. The company slashed its full-year financial outlook as well, and the luxe fitness equipment maker now expects revenue in the range of $3.7 billion to $3.8 billion (own from a prior range of $4.4 billion to $4.8 billion). Additionally, Peloton expects to end the year with about 3 million connected fitness subscribers.

All of these changes indicate Peloton wants to remain independent despite reports that Amazon (AMZN Quick QuoteAMZN - Free Report) and Nike (NKE Quick QuoteNKE - Free Report) were exploring bids for the company.

Since the start of the year, shares have both been under intense pressure and seen eye-popping surges. But even after soaring in the double digits in Monday and Tuesday’s trading session, PTON is down more than 70% from its high in January 2021.