Opinion: I’m Pushing Peloton to End Its Dual-Class Shareholder Structure — And Other Companies Should Do the Same
Peloton, a company in which my firm is a sizable shareholder, has lost $40 billion in stock-market value in less than a year—a pitiful example of a founding team that built a great brand and then squandered its potential under the thumb of an inept and conflicted founder who continues to wield outsize influence and power.
Recently, Peloton PTON, -4.57% laid off 2,800 employees on the same day its board approved hiring a retired individual to lead the company, offering him one of the most handsome pay packages in all of corporate America. Since then, a steady drumbeat of bad news has emerged from the company, further compromising its ability to thrive as a stand-alone business. The stock has plunged about 45% after first surging on news of the new CEO.