Peloton names new chief product officer to succeed co-founder

Peloton Interactive Inc.
PTON,
+4.76%
said late Tuesday it appointed Nick Caldwell to become chief product officer, effective Nov. 1. Caldwell succeeds Peloton’s co-founder, Tom Cortese, and will report to Chief Executive Barry McCarthy. Shares of Peloton declined 0.2% after hours, following a 4.8% rise to close Tuesday at $4.62. On Monday, Peloton shares closed down 1.1% at a record low of $4.41, after one Wall Street analyst slashed their price target in half.