Peloton Appoints Peter Stern as CEO Amid Turnaround Efforts

Former Apple and Ford executive Peter Stern will take charge in January as Peloton seeks to stabilize and refocus on sustainable growth.

Peloton's stock surged nearly 30% following the announcement of Peter Stern as the new CEO, reflecting investor optimism.
Stern, who co-founded Apple Fitness+ and led Ford's digital services, brings significant expertise in subscription-based business models.
The company aims to enhance profitability by retaining subscribers and cutting costs, rather than solely expanding its user base.
Peloton has faced challenges post-pandemic, including declining demand, product recalls, and a need to align its cost structure with current revenues.
Stern's appointment is part of a broader strategy to pivot Peloton from a hardware-centric to a service-oriented company, focusing on high-margin subscription revenue.