The removal of Foley comes after activist investor Blackwells Capital acquired a stake in the company and criticized his “repeated failures to effectively lead Peloton” in a public letter to the company’s board of directors. Blackwells now wants Peloton to sell itself to the highest bidder, arguing that the company is chronically mismanaged and cannot generate enough value as a stand-alone company. The Wall Street Journal reported Friday that it had drawn interest from multiple suitors including Amazon.