Blackwells Capital Continues to Call For Urgent Action at Peloton, Comments on Reported Changes
NEW YORK–(BUSINESS WIRE)–Blackwells Capital LLC (together with its affiliates “Blackwells”), an alternative investment management firm that is a significant shareholder of Peloton Interactive, Inc. (“Peloton” or the “Company”) (NASDAQ: PTON), yesterday sent the Peloton Board of Directors a comprehensive presentation outlining the need for immediate change in leadership and demand for the Board of Directors to initiate a strategic alternatives process to maximize value for the benefit of all shareholders.
In response to this morning’s reports of leadership changes at the Company, Jason Aintabi, Chief Investment Officer of Blackwells, said, “Peloton CEO John Foley naming himself Executive Chairman and hiring a new CFO does not address any of Peloton investors’ concerns. Mr. Foley has proven he is not suited to lead Peloton, whether as CEO or Executive Chair, and he should not be hand-picking directors, as he appears to have done today.”