Peter Stern, CEO of Peloton Interactive.
Courtesy: Peloton Interactive
Peloton Thursday indicates that it has been appointed Peter Stern, a Ford CEO and Co-Founder apple Fitness+ will serve as its next CEO and President.
Stern is president of Ford Integrated Services, where he oversees the auto company’s subscription services such as BlueCruise, Pro Intelligence, connectivity and safety. He also leads the company’s digital product team.
Stern will resign from Ford on January 1 to take over Peloton. ) will resign as co-chief executive on Friday. Both Boone and Bruzzo will remain on Peloton’s board of directors.
Stern is the third CEO in Peloton’s history to lead the company. The news was released at the same time as Peloton’s fiscal first-quarter earnings report. The company’s shares rose more than 20% in early trading.
“Peter is a seasoned strategist with a track record of driving sustainable growth through innovation, and we are confident in his ability to lead Peloton at this important time. He brings a proven track record in expanding a differentiated technology-oriented platform. meaning expertise, and said in a press release: Peloton Board Chairman Jay Hoag said:
“More importantly, Peter embodies Peloton’s core values, including action-driven operations, supporting smart creative teams, and working together.”
The news comes six months after Peloton announced its predecessor. Spotify and Netflix Executive Barry McCarthy will step down after about two years on the job.
McCarthy succeeded founder John Foley and worked to bring Peloton back from the brink of extinction through deep cost cutting and a refocusing of strategy.
Peter Stern, CEO of Peloton Interactive.
Courtesy: Peloton Interactive
Peloton’s decision to hire Stern signals that it will triple the company’s current primary value proposition to investors: high-margin, recurring subscription revenue.
Stern’s background running Ford’s subscription business could help build and sustain Peloton’s connected fitness and app subscribers.
Peloton said in a press release that it is looking for a new CEO who appreciates and loves Peloton products, understands the challenges and opportunities facing the company, and is passionate about helping people achieve their fitness goals.
The company said Stern was an early Peloton adopter, a member since 2016, and “spent more than 20 years working in hardware, software, content and services at Ford, Apple and Time Warner Cable.”
Peloton said that as co-founder of Apple Fitness+, he helped the vertical grow its subscription base into the millions and knows how to run a “complex, subscription-based business.”
The company said it is also looking for a product innovator and strategist, pointing to the more than 30 patents Stern has acquired over the years, including one for online media content.
“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 with the opportunity to do just that.”
This story is developing. Please check back for updates.
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