Blackwells Capital Activist Presentation Deck
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PELOTON'S BOARD STILL HAS SIGNIFICANT DEFICIENCIES
Peloton's Board members appear to lack key skills sets and attributes that Blackwells believes
are essential to overseeing a turnaround of the business
More than half of the Board is comprised of current
or former insiders and venture capitalists, several of
whom have deep, longstanding relationships with
each other
Despite the fact that approximately 75% of the
Company's revenue comes from hardware sales,
there do not appear to be any directors with deep
manufacturing expertise that could help the Company
resolve its quality control issues
Blackwells is disappointed that the Board only recently
appointed its first supply chain professional after
experiencing a litany of well-documented inventory
issues that led to the Company halting production on
bikes and treadmills
Additionally, given the nature of Peloton's customer base
and male-dominated boardroom, Blackwells believes the
Board would benefit from greater gender diversity
BW BLACKWELLS CAPITAL
Board Member
John Foley
Barry McCarthy
Karen Boone
Jon Callaghan
Jay Hoag
William Lynch
Angel Mendez
Jonathan Mildenhall
Pamela Thomas-Graham
TSR During Tenure¹
(9%)
(39%)
(9%)
(9%)
(9%)
(9%)
(37%)
(37%)
(9%)
TSR vs. Russell 1000
Growth Index¹
(77%)
(35%)
(77%)
(77%)
(77%)
(77%)
(34%)
(34%)
(77%)
(1) Source: FactSet and Company filings. Data as of April 8, 2022. Note: TSR data for directors Foley, Boone, Callaghan, Hoag, Lynch and Thomas-Graham measured since the date of Peloton's initial public offering. Start date for Messrs.
Mendez and Mildenhall assumed to be February 8, 2022, the "Effective Date" of their tenures as disclosed in the Company's 8-K on February 8, 2022. Start date for Mr. McCarthy assumed to be February 9, 2022, the "CEO
Commencement Date" as disclosed in the Company's 8-K on February 8, 2022.
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