Activist investor pushes Peloton to fire CEO and seek sale

Blackwells Capital LLC, which has a stake of less than 5%, has called for the departure of CEO and co-founder John Foley, and wants Peloton to explore a sale of the business.

Photo: Bloomberg
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Photo: Bloomberg

Scott Deveau | Bloomberg
Peloton Interactive Inc. has received a letter from an activist investor demanding that it fire its chief executive officer and pursue a sale.

Blackwells Capital LLC, which has a stake of less than 5%, has called for the departure of CEO and co-founder John Foley, and wants Peloton to explore a sale of the business. Peloton could be an attractive acquisition target for larger technology or fitness firms, according to an investor letter seen by Bloomberg. 

The shares rose about 2% in New York on Monday morning. 

Peloton’s shares have tumbled more than 80% from their all-time high a year ago, as the

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First Published: Jan 24 2022 | 8:48 PM IST

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