Activist investor Blackwells Capital is asking Peloton to remove CEO John Foley and consider selling the company just a few days after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand.
In a letter to the board of Peloton Interactive Inc., Blackwells Chief Investment Officer Jason Aintabi said that Foley “must be held accountable for his repeated failures to effectively lead Peloton.” The letter claims Foley’s mistakes included vacillating on pricing strategy and demonstrating a repeated inability to forecast consumer demand.
