John Foley Still Controls Peloton’s Future With Supermajority Shares
Together, the former CEO and company insiders hold about 60% of the voting stock.
This article is for subscribers only.
Peloton Interactive Inc. founder John Foley’s agreement to step down as chief executive officer and stay on as executive chairman doesn’t guarantee an activist investor can push through the sale of the once-hot exercise company.
Peloton is organized so that Foley, his wife and other insiders control the company with about 60% of the voting shares. Blackwells Capital LLC, which has pushed for Foley’s departure and a sale of the company, owns less than 5%.