Dion Camp Sanders
PELOTON INTERACTIVEAbout Dion Camp Sanders
Dion Camp Sanders is Peloton’s Chief Commercial Officer (CCO) since April 2025. He previously served as Chief Emerging Business Officer (Sep 2022–Apr 2025), Chief Strategy Officer (Aug 2021–Sep 2022), and SVP, Head of Strategy, Corporate Development & M&A (Jan 2019–Apr 2021) . Sanders is 51, holds a BA in Economics from the University of Pennsylvania (1996), a JD from Pepperdine School of Law, and an MBA from Pepperdine Graziadio (2000) . During fiscal 2025, Peloton generated $323.7M Free Cash Flow, $403.6M Adjusted EBITDA, and improved net loss by $433.0M YoY, while revenue was $2,490.8M, down 7.8% YoY . As CCO, Sanders leads Peloton’s unified commercial business (Precor integration, hotels, B2B, retail channels), which management said had “turned back to growth” in fiscal Q4 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peloton | Chief Commercial Officer | Apr 2025–Present | Leads unified commercial business unit integrating Precor & Peloton for Business; focus on growth through hotels/B2B/retail; business “turned back to growth” . |
| Peloton | Chief Emerging Business Officer | Sep 2022–Apr 2025 | Built new channels: first-party retail, inside sales, third-party retail, bike rental, refurbished equipment; international ops . |
| Peloton | Chief Strategy Officer | Aug 2021–Sep 2022 | Corporate strategy and execution . |
| Peloton | SVP, Head of Strategy, Corporate Development & M&A | Jan 2019–Apr 2021 | Corporate development and M&A leadership . |
| Leaf Group | EVP, Corporate Development | Aug 2016–Jan 2019 | Digital media/internet corporate development leadership . |
| The Walt Disney Company | VP, Emerging Businesses | Mar 2012–Jul 2016 | Built emerging businesses at major media company . |
| IAC/InterActiveCorp (operating businesses) | Executive roles | May 2000–May 2005 | Operating leadership roles in digital media . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Hyatt Hotels Corporation | Director | Sep 2021–Present | Public company board . |
| Daily Harvest, Inc. | Director | May 2022–May 2025 | Company acquired by Chobani in May 2025 . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) |
|---|---|---|---|
| Fiscal 2025 | 1,000,000 | N/A (no annual cash bonus program) | — |
| Fiscal 2026 program (leadership team) | 850,000 (salary reset) | 20% of base (pro-rated from Sep 2025), payout 0–200% | TBD (performance-based; program adopted Sep 2025) |
Notes:
- Peloton introduced annual cash bonuses starting Fiscal 2026; fiscal 2025 had no cash bonus program for executives (other than CEO per offer letter) .
Performance Compensation
PSU Structure and Results (Fiscal 2025 Refresh Grant)
| Metric | Threshold | Target | Maximum | Actual Company Performance | Payout vs Target | Vested Units (Sanders) | Vest Date |
|---|---|---|---|---|---|---|---|
| Free Cash Flow | $150M (50%) | $190M (100%) | $300M (200%) | $323.7M | 200% | 238,664 (target units: 119,332) | Sep 15, 2025 |
RSU Refresh Grant (Fiscal 2025)
| Grant Date | Units | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|
| Sep 30, 2024 | 835,323 | 3,909,312 | 12.5% quarterly starting Nov 15, 2024; fully vested by Aug 15, 2026 (Feb 15, May 15, Aug 15, Nov 15 schedule) . |
Stock/Option Vesting Realization (Fiscal 2025)
| Name | Shares Acquired on RSU Vesting (#) | Value Realized ($) |
|---|---|---|
| Dion Camp Sanders | 842,124 | 6,064,167 |
Equity Ownership & Alignment
Beneficial Ownership (as of Sept 30, 2025)
| Holder | Class A Shares | Class B Shares | % Total Voting Power |
|---|---|---|---|
| Dion Camp Sanders | 366,329 | 267,500 | 1.7% |
Footnote details:
- Includes (i) 235,083 Class A RSUs that may vest within 60 days, (ii) 131,246 Class A options exercisable within 60 days, and (iii) 251,750 Class B options exercisable within 60 days of Sept 30, 2025 .
Outstanding Options (as of June 30, 2025)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| Jan 17, 2019 | 140,000 | — | 8.82 | Jan 16, 2029 |
| Apr 26, 2019 | 75,000 | — | 14.59 | Apr 25, 2029 |
| Apr 26, 2019 | 52,500 | 22,500 | 14.59 | Apr 25, 2029 |
| Feb 28, 2020 | 94,203 | — | 26.69 | Feb 27, 2030 |
| Mar 1, 2021 | 37,043 | — | 123.81 | Feb 28, 2031 |
Unvested Stock Awards (as of June 30, 2025)
| Grant Date | Unvested RSUs (#) | Market Value ($) |
|---|---|---|
| Sep 1, 2021 | 1,269 | 8,807 |
| Mar 1, 2022 | 8,985 | 62,356 |
| Mar 1, 2022 | 8,985 | 62,356 |
| Sep 1, 2022 | 36,703 | 254,719 |
| Sep 1, 2022 | 26,217 | 181,946 |
| Mar 1, 2023 | 120,055 | 833,182 |
| Sep 1, 2023 | 360,000 | 2,498,400 |
| Mar 1, 2024 | 604,396 | 4,194,508 |
| Sep 30, 2024 | 522,077 | 3,623,214 |
| Oct 17, 2024 (PSU target) | 119,332 | 828,164 |
Alignment policies:
- Stock ownership guidelines adopted in 2025: CEO 5x salary; other executive officers 2x salary; 5-year compliance period .
- Hedging and pledging of Company stock is prohibited under Peloton’s Insider Trading Policy .
Employment Terms
- Employment is “at will” with standard employee benefits; executives participate in a Severance & Change in Control Plan with double-trigger protections .
- Clawback policy (Exchange Act Rule 10D-1 compliant) allows recovery of erroneously-awarded incentive compensation and discretionary recovery for fraud/intentional misconduct .
Potential Payments upon Termination or Change in Control (as of June 30, 2025; estimates)
| Scenario | Cash Severance ($) | Medical Continuation ($) | Accelerated Vesting Value ($) | Total ($) |
|---|---|---|---|---|
| Qualifying Termination (No CIC) | 1,000,000 | 28,258 | 8,149,538 (based on $6.94 stock price) | 9,177,796 |
| Qualifying Termination (With CIC) | 1,500,000 | 42,387 | 13,375,816 | 14,918,203 |
Change-in-control protections are “double-trigger” (requires both CIC and qualifying termination) .
Performance & Track Record
- Commercial business unit: Management highlighted the unit had “turned back to growth,” integrating Precor’s 60+ country footprint and service model with Peloton’s software/content; Peloton for Business operates in over 9,000 hotels with plans to expand .
- Company-level fiscal 2025 outcomes: Free Cash Flow $323.7M (above 200% PSU max), Adjusted EBITDA $403.6M, net cash from operations $333.0M; revenue decreased 7.8% YoY to $2,490.8M .
- Strategic initiatives: Retail microstore expansion, Repowered used equipment platform, targeted discount programs, and social/community features (Teams) launched .
Compensation Committee & Governance Context
- Compensation structure emphasizes at-risk equity (RSUs/PSUs) and multi-year vesting; redesigned for fiscal 2026 to include reduced salary, annual cash bonus, and higher PSU mix (70% RSUs/30% PSUs for leadership; CEO 50%/50%) .
- Say-on-Pay support: 82.3% approval at the 2024 Annual Meeting .
- Peer group: Updated for fiscal 2025 to align with hardware/software consumer/subscription peers (e.g., Alarm.com, Bumble, Duolingo, Garmin, GoPro, Lyft, Roku, Sonos, Zillow Group) .
Investment Implications
- Strong pay-for-performance linkage: 200% PSU payout tied to exceeding FCF max target underscores alignment with cash generation; continued quarterly RSU vesting into Aug 2026 may create predictable selling windows, mitigating near-term insider selling pressure risk via no-hedging/pledging policy .
- Retention risk appears contained: Double-trigger CIC protections, clear severance economics, and stock ownership guidelines (2x salary target) support alignment and stability, while fiscal 2026 introduction of cash bonus and increased PSU mix heightens performance sensitivity .
- Execution leverage: As CCO overseeing integrated commercial channels (Precor, hotels, B2B, retail, refurbished), Sanders’ remit directly impacts growth vectors highlighted by management; commercial “returned to growth” provides a positive signal, but broader company revenue contraction and turnaround dynamics warrant monitoring .