Blackwells Capital Activist Presentation Deck
C
PELOTON'S NEW CEO HAS ONE OF THE
COUNTRY'S MOST GENEROUS PAY PACKAGES
On the day that Peloton announced that it
was terminating approximately 2,800
employees as part of a "comprehensive
program to reduce costs," the Company
made Barry McCarthy one of the highest-
paid executives in the country
▪ On an annualized basis, Mr. McCarthy is
making nearly 10x more than he did as CFO
of Spotify
Blackwells questions whether Mr. McCarthy's
generous compensation package is the result
of his longstanding and close relationship
with the Chair of Peloton's Compensation
Committee, Jay Hoag, who appears to have
played a key role in his hiring
BW BLACKWELLS CAPITAL
$68
PELOTON
Peloton Estimated Annualized CEO Compensation ($M) vs. Proxy Peers¹
$32
$30 $27
Imi
$20 $19
99th
$15
vs. Russell 3000
$14
workday splunk> DocuSign RingCentral Roku twilio okta..REALPAGE
$12 $10 $8 $8 $6 $4 $4 $3
Percentile Rank of Barry McCarthy's Estimated Annualized Compensation¹
98th
121 %
vs. Russell 1000
zendesk
GoDaddy proofpoint.
97th
vs. Russell 1000 Growth
(1) Source: FactSet, Bloomberg and company filings. "Proxy Peers" are disclosed in the Company's proxy statement filed on October 25, 2021. Note: CEO compensation data uses total CEO compensation from most recently reported fiscal
year. For companies with co-CEOs or more than one CEO during the fiscal year, compensation included all CEOs. Peloton compensation represents the annualized Black Scholes value of Mr. McCarthy's 8 million options (which vest over 48
months) as of the grant date of February 9, 2022. plus his $1 million base salary.
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