Blackwells Capital Activist Presentation Deck
■
THE BOARD SHOULD EXAMINE A SALE IN ORDER TO MAXIMIZE VALUE
Poor governance
makes Peloton a less
appealing investment
for many investors
■
Poor governance
structure limits
accountability
Insiders retain an outsized
voting influence despite
their modest economic
interest
The Board remains
comprised of
interconnected legacy
directors whose
experience is no longer
relevant to address the
Company's ongoing
challenges
BW BLACKWELLS CAPITAL
Pelton has been
mismanaged
Current management
lacks the talent
needed to fix the
Company
■
The Company has still not
settled on a consistent
pricing strategy and
appears not to understand
its own customer base
■ Peloton continues to
suffer from self-inflicted
supply chain and quality
control issues, with no
apparent plan for
improvement
Recent changes are
largely illusory
Old challenges
remain
■
A perfunctory leadership
transition has not brought
about any meaningful
changes to the
Company's operations
A turnaround
involves significant
operational risk
A turnaround will take
years for a strong
management team
to execute
■
After witnessing $30
billion in shareholder
value destruction in the
last year, Blackwells does
not believe investors have
the patience or
confidence in the Board's
ability to effectively
execute a multi-year
business-wide
transformation strategy
Peloton is a
strategically valuable
asset
Peloton would be
attractive to many
potential acquirers
■
The Company possesses
an engaged, loyal and
premium subscriber base
that would offer significant
value to the right owner
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