Peloton brings in Ford exec who helped create Apple Fitness+ to lead its turnaround effort
Business Insider
- Peloton just named Peter Stern as its new CEO.
- The struggling fitness company is in the midst of a turnaround effort.
- Stern was most recently president of Ford Integrated Services and previously held a VP role at Apple.
Peloton has announced a new CEO to lead its turnaround effort.
The struggling fitness company said Thursday that Peter Stern, currently president of Ford Integrated Services and previously a VP at Apple, will be taking the helm on January 1.
Peloton, which became a pandemic success story when consumers were stuck at home, has struggled in recent years as demand for its products has slipped.
Its stock price peaked at the end of 2020 when sales surged but rapidly declined in 2021 as its supply chain came under pressure, the pandemic-fueled rush for its products began to wear off, and it faced a high-profile product recall damaging brand image.
The company has since laid off workers as part of restructuring efforts and saw its cofounder John Foley step down as CEO to be replaced by Barry McCarthy, who also departed in May this year.
Peloton's stock price was up 17% in early trading on Thursday.
Peloton said in a statement announcing the news on Thursday that Stern was cofounder of Apple Fitness+, a subscription service for workout videos.
"Working for Peloton is a dream come true for me," Stern said. "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."