Peloton Interactive announced a change in its chief financial officer position, with former CFO Liz Coddington stepping down and Saqib Baig assuming the role on an interim basis effective March 27, 2026.
Coddington joined Peloton in June 2022 amid a period of financial distress. During her tenure she led a turnaround that improved cash flow and margin performance, but the company’s most recent quarterly report still showed a revenue miss and a GAAP loss. In the second quarter of fiscal 2026, Peloton reported revenue of $656.5 million, falling short of the $677.2 million consensus estimate and the company’s own guidance range of $665–$685 million. The earnings per share of –$0.09 also missed the consensus estimate of –$0.07, largely because the revenue shortfall was not offset by sufficient cost‑control measures or one‑time gains.
Baig, who has served as Peloton’s chief accounting officer since November 2022 and as chief financial officer of its Commercial Business Unit since August 2025, brings a deep understanding of the company’s financial operations and a background that includes senior finance roles at Meta Platforms. His appointment as interim CFO is intended to provide continuity in financial reporting, capital allocation, and investor relations while the board searches for a permanent replacement.
The transition comes as Peloton continues to pivot from a connected‑fitness focus toward a broader connected‑wellness ecosystem under CEO Peter Stern. In a statement, Stern praised Coddington’s role in the company’s financial turnaround and expressed confidence that the interim leadership would keep the organization on track as it expands into wellness services.
The Q2 FY2026 earnings miss underscores the challenges Peloton faces in its core product lines, with lower sales of Cross Training products and delivery interruptions contributing to the revenue shortfall. The EPS miss reflects the combined impact of the revenue decline and the company’s ongoing cost pressures. These results highlight the need for disciplined financial management as Peloton seeks to strengthen its balance sheet and accelerate growth in its new wellness strategy.
Coddington’s departure to become CFO of Palmetto, a clean‑energy platform, marks a notable career move and signals Peloton’s willingness to let go of a long‑time executive to pursue new opportunities. The interim appointment of Baig, coupled with the board’s ongoing search for a permanent CFO, demonstrates Peloton’s commitment to maintaining financial stability during a period of strategic transformation.
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