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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 71 slides",
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  "notes": "Uses a combination of bulleted list of concerns and pull-quotes from analysts and the CEO himself to build a case against leadership.",
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      "text": "Barry McCarthy’s comments as CEO have created concerns about his ability to effectively turn around Peloton and execute",
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      "text": "The market questions McCarthy’s role and credibility given: Foley, as Executive Chair, continues to wield considerable influence; Exorbitant renumeration package; Lacks significant manufacturing or supply chain expertise; Concerning ties to Peloton Board members; No plan to turn Peloton around",
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      "text": "You can’t possibly know what the TAM [total addressable market] is. You’re in the middle of inventing the TAM",
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      "kind": "quote",
      "text": "We don’t see new CEO Barry McCarthy (age 69 and member of five other boards) as a day-to-day operator. I don’t think Barry is looking to work 100-hour weeks at this company. I think this was a way for CEO John Foley to kind of save face",
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      "text": "(1) Oppenheimer Equity Research, February 8, 2022. (2) Brian Sozzi, Interview with Oppenheimer Analyst, “Peloton’s new CEO has one not so secret mission: analyst,” Yahoo Finance, February 8, 2022. (3) Andrew Ross Sorkin and Lauren Hirsch, “Peloton’s New CEO on the Tough Road Ahead,” The New York Times, February 19, 2022.",
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