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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 65 slides",
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  "authorName": "Blackwells Capital",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "Uses a bar chart to show the gap between economic interest and voting power, and a grouped bar chart to show the impact of excluding executive votes on shareholder support.",
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      "kind": "callout",
      "text": "The voting power of Peloton’s top five executives is vastly disproportionate with their economic interest in the Company",
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      "text": "2021 Annual Meeting Reported vs. Adjusted Vote Results",
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      "kind": "chart",
      "text": "Voting Power of Executives vs. Economic Interest",
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      "text": "The Company’s executives control more than 75% of the voting power, despite only having an economic interest in Peloton of approximately 12%\nAs a result, Peloton’s annual meetings are essentially formalities; proposals with management support are guaranteed to pass\nPublic shareholders have expressed deep discontent",
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      "text": "1. Source: ISS Report, Peloton Interactive, Inc., November 23, 2021. “Executives” based on ISS’ definition of “Strategic Shareholders,” which include John Foley, William Lynch, Thomas Cortese, Hisao Kushi and Jill Woodworth.\n2. Source: Company filings. Adjusted vote results calculated by subtracting the aggregate voting power of Peloton’s outstanding Class B shares from the reported “For” votes.",
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      "kind": "title",
      "text": "DUAL-CLASS STRUCTURE RESULTS IN SHAREHOLDER MISALIGNMENT",
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      "arcName": "Overcoming the Monster",
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      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
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