• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO
Editor's Pick

Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO

by November 1, 2024
by November 1, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Peloton on Thursday said it has appointed Peter Stern, a Ford executive and the co-founder of Apple Fitness+ to be its next CEO and president. 

Stern, the president of Ford Integrated Services, primarily oversees the automotive company’s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company’s digital product team. 

Stern is slated to step down from his role at Ford and take the helm of Peloton on Jan. 1. Interim co-CEO Karen Boone will stay in the role through the end of the calendar year, while her counterpart, Chris Bruzzo will step down from the co-CEO role on Friday. Both Boone and Bruzzo will stay on Peloton’s board.

Stern is the third CEO to lead Peloton in its history. The news came alongside Peloton’s fiscal first-quarter earnings report. Shares of the company jumped more than 20% in early trading.

“Peter is a seasoned strategist with a track record of driving sustainable growth through innovation, and we have every confidence in his ability to lead Peloton during this important time. He brings meaningful expertise in scaling differentiated technology-oriented platforms and has a deep understanding of the health and wellness sector — making him uniquely suited to serve as Peloton’s next CEO,” Jay Hoag, the chairperson of Peloton’s board, said in a news release.

“What’s more, Peter embodies Peloton’s core values, including operating with a bias for action, empowering teams of smart creatives and working together.”

The announcement comes about six months after Peloton announced that former Spotify and Netflix executive Barry McCarthy would be stepping down after about two years on the job. 

McCarthy had taken over from founder John Foley and had worked to bring Peloton back from the brink of extinction by dramatically cutting costs and redirecting strategy. 

Peloton’s decision to hire Stern indicates that it is tripling down on the company’s main value proposition to investors at the moment: its high-margin, recurring subscription revenue. 

Stern’s background running Ford’s subscription business will likely assist in building out, and sustaining, Peloton’s connected fitness subscribers and app subscribers.

In a news release, Peloton said that it sought out a new CEO who appreciates and loves Peloton’s products, understands the company’s challenges and opportunities, and is passionate about helping people achieve their fitness goals.

Stern was an early adopter of Peloton, having been a member since 2016, and “has spent over 20 years operating at the nexus of hardware, software, content and services at Ford, Apple and Time Warner Cable,” the company said.

As the co-founder of Apple Fitness+, he helped the vertical grow its subscription base into the millions and knows how to operate a “complex, subscription-based business,” Peloton said.

The company said it was also looking for a product innovator and strategist and pointed to the 30-plus patents Stern has secured over the years, including an online media content patent.

“Working for Peloton is a dream come true for me,” Stern said in a statement. “My goal is to help millions of people live longer, healthier and happier lives. Peloton, with its unique combination of people, products and passionate Members, provides me an opportunity to do just that.”

This post appeared first on NBC NEWS
You Might Also Like
  • What’s Turo? The ‘Airbnb of cars’ was used in New Orleans and Las Vegas incidents
  • More than $1 billion in federal tax refunds unclaimed as deadline to file approaches
  • Balancing a fixed income with inflation, a Georgia retiree feels stuck
  • Judge tosses defamation suit against Fox News by head of dismantled disinformation board
Share
0
FacebookTwitterPinterestWhatsapp

previous post
7 ways that Starbucks CEO Brian Niccol plans to change the coffee chain
next post
Super Micro’s $50 billion stock collapse underscores risk of AI hype

You may also like

Titanic submersible lost at sea raises legal questions for high-risk...

June 22, 2023

GameStop, MicroStrategy shares rise after Ryan Cohen posts photo with...

February 11, 2025

CNN names former New York Times CEO Mark Thompson as...

August 31, 2023

IAC approves spinoff of home improvement marketplace Angi

January 14, 2025

Sex, Signal messages and sabotage: SBF’s top execs and Bahamas...

October 9, 2023

Bitcoin approaches all-time high after surpassing $65,000

March 5, 2024

Online retailer Zulily is shutting down

December 29, 2023

FDIC Chair Martin Gruenberg to resign after damning workplace harassment...

May 21, 2024

More than 200,000 Jeep Cherokee SUVs recalled because they can...

May 18, 2023

Skyworks and Semtech Launch Ground-breaking LPWAN Reference Design for Industrial...

January 10, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,632 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Doritos severs ties with transgender influencer...

    March 8, 2024

    Taxpayers are getting less money from...

    April 5, 2023

    Willow Bay, Bob Iger to take...

    July 17, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here