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Matt Levine made the point that the CEO has enough shares to control the board, so the point of this deck was to convince _the CEO_ that he no longer wants his
by bla3 5y ago
Matt Levine made the point that the CEO has enough shares to control the board, so the point of this deck was to convince _the CEO_ that he no longer wants his job. It worked: he stepped down, and PTON was up 5% on the news.
- shmatt 5y agoHe's still the executive chairman, so the CEOs boss. The new CEO doesn't work for Pelotons employees or non-voting stock holders. He works to please John Foley and John Foley alone I worked for a company in a similar situation a few years back. The new CEO was fired in less than year by the old ceo/new chairman
- usrusr 5y agoOh, interesting plot twist! And it makes so much sense, because if the potential buyers listed were the intended audience, the tone would seem a little condescending: too much "they might fall for it" badly hidden between the lines of "that would be a good acquisition for them"