Activist Investor Blackwells Calls on Peloton to Fire CEO, Explore Sale
An activist is pushing Peloton to fire its chief executive officer immediately and consider a sale as its share price has plummeted.
Blackwells Capital, which has a stake of less than 5% in Peloton, believes the company could be an attractive acquisition target for larger technology or fitness-oriented companies, such as Apple or Nike, the firm said Monday in a letter addressed to Peloton’s board.
Blackwells is arguing that Peloton is weaker today than before the Covid-19 pandemic. The firm places much of the blame on CEO John Foley, who is also chairman.