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Activist investor Blackwells criticizes new Peloton CEO, urges sale

The activist investor that pushed to oust Peloton Interactive Inc’s co-founder and leader in January is now criticizing its new chief executive officer, arguing he has not made enough changes and that the company should be sold now. Blackwells Capital, which owns nearly 5% of the company, said Peloton has failed to deliver on promises to transform the business and that too many insiders, including co-founder John Foley, continue to control its moves. Peloton, a market darling during the COVID-19 pandemic as people flocked to its bikes, treadmills and popular streamed workouts, hired former Netflix executive Barry McCarthy as CEO in February to replace Foley who was named executive chairman.

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