Blackwells Capital Activist Presentation Deck
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January 2022
February 4: The Wall Street Journal
reported that Amazon and other potential
acquirers were evaluating Peloton
January 24: Blackwells sent a letter to
the Board of Directors of Peloton
outlining its serious concerns about the
direction and performance of the
Company and calling on the Board to
remove current CEO John Foley
EXECUTIVE SUMMARY
PELOTON STOCK PRICE YEAR TO DATE
February 4: Financial Times reported
that Amazon and Nike were evaluating
separate bids to buy Peloton
BW BLACKWELLS CAPITAL
February 7: Blackwells sent the Peloton
Board of Directors a comprehensive
presentation outlining the need for
immediate change in leadership and a
strategic alternatives process to
maximize value for the benefit of all
shareholders
Source: FactSet. Data as of April 8, 2022.
February 2022
February 8: Following Blackwells' initial letter and
presentation, Peloton announced that CEO John Foley
would become Executive Chair; the Company announces
the appointment of Barry McCarthy as CEO and also
discloses an $800 million expense reduction plan
February 8: Blackwells issued a press release continuing
to call for urgent action at Peloton and disclosing that it had
exercised its rights to review the books and records of
Peloton pursuant to section 220 of the Delaware General
Corporation Law
February 28: Peloton
Executive Chair John
Foley sells $50 million
worth of Peloton stock
to Michael Dell's MSD
Partners in a private
transaction
March 2022
April 5: Peloton Launches
Peloton Guide, strengt training
system based on antiquated,
undifferentiated technology that
costs $295, to mixed reviews
March 10: Peloton hired Andrew Rendich - formerly a service
and operations executive at Netflix - as its new Chief Supply
Chain Officer. Mr. Rendich has been Peloton's only senior-
level management appointment since Mr. McCarthy's tenure
began
April 2022
-34%
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