|
|
B. G., Opalesque Geneva: Last month, activist investor Blackwells Capital said it had asked Peloton Interactive Inc., a stationary-bike maker in which it has a stake of nearly 5%, to fire its CEO John Foley and look into a sale.
Indeed, Blackwells believes Peloton could be an attractive acquisition target for larger technology or fitness-oriented companies, ranging from Adidas to Amazon to Oracle and Sony.
Blackwells accused Foley of managing with "unbridled optimism rather than discipline" and blamed him for bloated costs, poor decision making, and poor capital allocation, said Reuters. Peloton became a market darling during the COVID-19 pandemic and its market capitalization surged to $50bn before tumbling to $9.7bn. The company's share price surged in the wake of reports that some companies, including Amazon, were discussing making an overture to the company.
This week, Peloton CEO John Foley named himself Executive Chairman and hired a new CFO, a former Spotify Technology executive.
The reshuffling was not enough of a change for the alternative investment management firm, which ...................... To view our full article Click here
|
|
RSS
