Blackwells Capital Activist Presentation Deck
C
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The market questions McCarthy's role and credibility given:
Foley, as Executive Chair, continues to wield considerable influence
Exorbitant renumeration package
Lacks significant manufacturing or supply chain expertise
Concerning ties to Peloton Board members
No plan to turn Peloton around
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BW
ANALYST COMMUNITY RAISES DOUBTS ABOUT MCCARTHY
Barry McCarthy's comments as CEO have created concerns about his ability to effectively turn around Peloton and execute
BLACKWELLS CAPITAL
"You can't possibly know what
the TAM [total addressable
market] is. You're in the middle
of inventing the TAM" 3
- Barry McCarthy
OPPENHEIMER
"We don't see new CEO Barry McCarthy
(age 69 and member of five other
boards) as a day-to-day operator" 1
"I don't think Barry is looking to work
100-hour weeks at this company.
I think this was a way for CEO John
Foley to kind of save face" 2
(1) Oppenheimer Equity Research, February 8, 2022.
(2) Brian Sozzi, Interview with Oppenheimer Analyst, "Peloton's new CEO has one not so secret mission: analyst," Yahoo Finance, February 8, 2022.
(3) Andrew Ross Sorkin and Lauren Hirsch, "Peloton's New CEO on the Tough Road Ahead," The New York Times, February 19, 2022.
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