Activist investor targets new Peloton CEO, says company needs to sell

Newly minted Peloton CEO Barry McCarthy has yet to win over the company’s biggest critic two months into his tenure. Blackwells Capital, the activist investor that pressured Peloton’s last chief executive to cede the title, is again pushing for changes at the Manhattan-based exercise tech company.

The firm published a presentation Wednesday morning calling on the company to pursue a sale.

“Peloton’s powerful brand, proprietary technology, engaging instructors and fiercely loyal subscriber base can be shaped into a much more attractive business,” the presentation declares. “But this cannot happen effectively in the public markets, especially with the current leadership in place.”

Peloton’s share price—boosted by

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