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2024-10-31 19:23
Peloton Interactive (NASDAQ:PTON) announced that Peter Stern has been appointed to be the company's next CEO and president.
Stern currently serves as President of Ford Integrated Services, and before that held leadership roles at Apple and Time Warner Cable. His appointment will be effective on January 1, 2025. The company expects to appoint Mr. Stern to the Peloton (PTON) board.
Stern was noted to have been a Peloton Member since 2016, and an early adopter of both the Bike and Tread. He is expected to add value to Peloton (PTON) based on his has over 20 years operating at the nexus of hardware, software, content and services at Ford (F), Apple (AAPL), and Time Warner Cable. As the co-founder of Apple Fitness+, Stern led its growth to millions of members. He also has grown over a dozen different subscription businesses, ranging from Apple iCloud to Time Warner Cable Home Security to Ford BlueCruise, hands-free highway driving technology.
Shares of Peloton Interactive (PTON) rallied 9.2% after the announcement and with the company's FQ1 earnings report also released.