Blackwells Capital Activist Presentation Deck
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WE BELIEVE PELOTON'S SEARCH PROCESS WAS
RUSHED AND DRIVEN BY INSIDERS
"McCarthy jumped to the top of the headhunters' list when he was
introduced to the board by TCV, one of the company's earliest investors." 1
Barry McCarthy, Peloton's new CEO, is a long-time business
associate of Peloton director Jay Hoag, having served as an
executive at Netflix (where Mr. Hoag has served as a director
for more than two decades) and as an advisor to Mr. Hoag's
venture capital firm
"Today's leadership changes are the
culmination of a succession planning process
that the Board and John have worked on
together over the last several months. "2
- Karen Boone, Peloton's Lead Independent Director
Peloton Press Release, February 8, 2022
BW BLACKWELLS CAPITAL
FT FINANCIAL TIMES
▪ While the Company's press release announcing Mr. McCarthy's
appointment stated that the Board ran a thorough succession
planning process over the last "several months,"1 media reports
indicate that Jay Hoag and TCV effectively hand-picked Mr.
McCarthy and promoted his appointment from within the Board³
How did you get the job [as Peloton's CEO]?
"It was a shotgun marriage. I was retired and
just managing private investments and playing
a lot of golf... I reached out to TCV and said:
'Hey, Coach, put me in."3
- Barry McCarthy in an interview with Andrew Ross Sorkin
(1) Source: Andrew Edgecliffe-Johnson and Patrick McGee, "Inside Peloton's epic run of bungled calls and bad luck," Financial Times, February 17, 2022.
(2) Source: Peloton Press Release, February 8, 2022. (3) Source: Andrew Ross Sorkin and Lauren Hirsch, "Peloton's New C.E.O. on the Tough Road Ahead," The New York Times, February 19, 2022.
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