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The investment firm, founded by Jason Aintabi, said Foley is “ill-suited to lead company and must be removed”.
The board should begin the sale process to fully maximize value of Peloton’s brand, team, customer base and technology, Blackwells said in a letter to the company.
Peloton did not immediately respond to a Reuters request for comment.
The letter comes after CNBC reported that Peloton was temporarily halting the production of its bikes and treadmills amid lower demand.
The development caused the stock price of Peloton to tumble 24% on Thursday, wiping of $2.5 billion from its market value.
