Clothing inside a Peloton store in Palo Alto, California, US, on Monday, Aug. 5, 2024.
David Paul Morris | Bloomberg | Getty Images
Peloton on Thursday said it has appointed a Ford executive to be its next CEO and president.
Peter Stern, the president of Ford Integrated Services, primarily oversaw the automotive company’s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company’s digital product team.
Before Ford, Stern held positions at Apple and Time Warner Cable. He is the third CEO to lead Peloton in its history.
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.
This story is developing. Please check back for updates.
Source: https://www.cnbc.com/2024/10/31/peloton-ceo-ford-exec-peter-stern.html