Peloton appoints Apple Fitness+ co-founder, now Ford executive, as its next CEO

recent YORK — Peloton has appointed its next CEO. Peter Stern, co-founder of Apple Fitness+ and a current Ford executive, will soon helm of the tech-fitness business.

Stern takes over as president and CEO on January 1, Peloton said Thursday. Karen Boone, one of two current interim CEOs, will continue to serve as chief executive through the complete of the year, the business said.

Shares for the recent York business climbed more than 20% Thursday.

Thursday’s announcement arrives nearly six months after Barry McCarthy stepped down as Peloton’s chief executive. His departure in May came alongside larger restructuring and expense-cutting efforts at the business, which included the layoffs of hundreds of employees.

Sales of Peloton bikes soared during the early days of COVID-19, when many consumers turned to at-home workouts, but that all slowed as pandemic restrictions eased. As a outcome, the business has reported losses in more recent years.

Peloton also reported Thursday that it lost $900,000 during its first quarter on turnover of $586 million. Both were better than Wall Street had expected.

In efforts to turn things around, Peloton has been working on rebranding itself for some period — shifting its identity as a seller of luxury exercise bikes and equipment to health technology for all. The business recently unveiled plans to sell its deluxe stationary bike at a discount at Costco this holiday period. And back in 2022, Peloton made its exercise bikes and other gear available on Amazon in the U.S.

In a statement Thursday, Stern called working for Peloton “a aspiration arrive factual” — adding that he is grateful for the chance “to receive Peloton and its Members to even greater heights.”

According to the business, Stern himself has been a Peloton member since 2016. He currently serves as president of Ford Integrated Services — and previously also held leadership roles at period Warner Cable and Apple, where he co-founded Apple Fitness+.

In connection with this week’s announcement, Chris Bruzzo, who has been serving as Peloton’s co-interim CEO alongside Boone, will step down on Friday. But both Bruzzo and Boone will remain members of Peloton’s board. Stern is also expected to get a seat on the board.