Peloton\u00a0on Thursday\u00a0said it has appointed\u00a0Peter Stern, a\u00a0Ford\u00a0executive and the co-founder of\u00a0Apple\u00a0Fitness+ to be its next CEO and president.\u00a0<\/p>\n
Stern, the president of Ford Integrated Services, primarily oversees the automotive company\u2019s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company\u2019s digital product team.\u00a0<\/p>\n
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\u2019s board.<\/p>\n
Stern is the third CEO to lead Peloton in its history.\u00a0The news came alongside\u00a0Peloton\u2019s fiscal first-quarter earnings report. Shares of the company jumped more than 20% in early trading.<\/p>\n
\u201cPeter 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 \u2014 making him uniquely suited to serve as Peloton\u2019s next CEO,\u201d Jay Hoag, the chairperson of Peloton\u2019s board, said in a news release.<\/p>\n
\u201cWhat\u2019s more, Peter embodies Peloton\u2019s core values, including operating with a bias for action, empowering teams of smart creatives and working together.\u201d<\/p>\n
The announcement comes about six months after Peloton announced that former\u00a0Spotify\u00a0and\u00a0Netflix\u00a0executive Barry McCarthy would be\u00a0stepping down\u00a0after about two years on the job.\u00a0<\/p>\n
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.\u00a0<\/p>\n
Peloton\u2019s decision to hire Stern indicates that it is tripling down on the company\u2019s main value proposition to investors at the moment: its high-margin, recurring subscription revenue.\u00a0<\/p>\n
Stern\u2019s background running Ford\u2019s subscription business will likely assist in building out, and sustaining, Peloton\u2019s connected fitness subscribers and app subscribers.<\/p>\n
In a news release, Peloton said that it sought out a new CEO who appreciates and loves Peloton\u2019s products, understands the company\u2019s challenges and opportunities, and is passionate about helping people achieve their fitness goals.<\/p>\n
Stern was an early adopter of Peloton, having been a member since 2016, and \u201chas spent over 20 years operating at the nexus of hardware, software, content and services at Ford, Apple and Time Warner Cable,\u201d the company said.<\/p>\n
As the co-founder of Apple Fitness+, he helped the vertical grow its subscription base into the millions and knows how to operate a \u201ccomplex, subscription-based business,\u201d Peloton said.<\/p>\n
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.<\/p>\n
\u201cWorking for Peloton is a dream come true for me,\u201d Stern said in a statement. \u201cMy 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.\u201d<\/p>\n<\/p>\n
Peloton\u00a0on Thursday\u00a0said it has appointed\u00a0Peter Stern, a\u00a0Ford\u00a0executive and the co-founder of\u00a0Apple\u00a0Fitness+ to be its next CEO and president.\u00a0 Stern, the president of Ford Integrated Services, primarily oversees the automotive company\u2019s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company\u2019s digital product team.\u00a0 Stern is slated to step down from […]<\/p>\n","protected":false},"author":0,"featured_media":11870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=11869"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/11870"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=11869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=11869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=11869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}