Peloton CEO Barry McCarthy is receiving a pay raise, according to Peloton’s most recent 10-Q form filed with the SEC. The filing states:
On May 1, 2023, the Board of Directors of the Company, based upon a recommendation from its Compensation Committee, approved an annual base salary increase from $1.0 million to $1.25 million, effective as of May 8, 2023 for Barry McCarthy, the Company’s Chief Executive Officer and President. All other terms of Mr. McCarthy’s employment, including the terms of his existing equity awards, remain unchanged.
As of May 8, 2023, McCarthy’s annual base salary will rise from $1 million to $1.25 million. His equity awards, which were announced upon his hiring via an 8-K form are not being changed at this time.
McCarthy’s equity awards were in the form of a stock option award. He was given the option to purchase 8 million shares of Peloton stock (which would vest monthly over the next 4 years). The purchase price for the stock options was locked to the closing price of PTON stock on the day of McCarthy’s hire, which ended up closing at $38.77 on Feb 9th, 2022. At time of posting, those stock options would be underwater, as the stock has been wavering between $7-$9 a share.
McCarthy was announced as Peloton’s CEO in February 2022 after founder and former CEO John Foley stepped down.
There were a number of other newsworthy items from the latest earnings call and filing, including the official announcement of app tiers and an upcoming rebrand; a settlement with DISH Network; and an issue with the original Bike seat post that has led the company to work with the U.S. Consumer Product Safety Commission (CPSC).
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