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This may be your first time reading this newsletter — if so, welcome! If not, you already know that Alex created it. And if you've read last week's issue, you also know that I am taking over. This makes me something akin to a non-founder CEO, so today's topic is also personal — Anna.

Handovers and turnarounds

Our colleague Brian Heater wrote about Peloton's below-expectation earnings earlier this week. But beyond how many bikes and subscriptions the fitness company did or didn't sell, it's this quote that caught my attention:

"Turnarounds are hard work. It’s intellectually challenging, emotionally draining, physically exhausting, and all consuming. It’s a full-contact sport."

This is an excerpt from the letter to shareholders penned by Barry McCarthy, Peloton's CEO since February. McCarthy's predecessor, John Foley, stepped down as the company he co-founded cut 2,800 jobs globally — around 20% of its head count.

McCarthy's job since then hasn't been easy. The new CEO has focused on three priorities, he said: "1. stabilizing the cash flow 2. getting the right people in the right roles and 3. growing again." It is too early to tell whether he will eventually succeed, but Peloton's position isn't unique.

Peloton is one of several tech-enabled businesses that enjoyed strong tailwinds during the pandemic and are now facing "market whiplash." The list also includes Netflix, Robinhood and Zoom, for instance.

Airbnb is a related but slightly different case. The company hopes that its accommodation marketplace will benefit from "the travel rebound of the century." But it also plans to reinvent itself, CEO Brian Chesky told TechCrunch.

Unlike the case with Peloton, Chesky is a founder CEO who's going to lead Airbnb through this transition. But not every founder still has the stamina or the right combination of skills to do this after several years at the helm. This is one of the reasons why CEOs so often get replaced, and the tech sector can't act like it never happens.