The Revenue Rises
Trending Now
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
DP Trading Room: Key Support Levels for the...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Retirees ‘stunned’ as market turmoil over tariffs shrinks...
Week Ahead: NIFTY Set To Open Lower; Relative...
Market Drop Compared to 2020: What You Need...

The Revenue Rises

Business

Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO

by admin November 2, 2024
November 2, 2024
Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO

Peloton on Thursday said it has appointed Peter Stern, a Ford executive and the co-founder of Apple Fitness+ to be its next CEO and president. 

Stern, the president of Ford Integrated Services, primarily oversees the automotive company’s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company’s digital product team. 

Stern is slated to step down from his role at Ford and take the helm of Peloton on Jan. 1. Interim co-CEO Karen Boone will stay in the role through the end of the calendar year, while her counterpart, Chris Bruzzo will step down from the co-CEO role on Friday. Both Boone and Bruzzo will stay on Peloton’s board.

Stern is the third CEO to lead Peloton in its history. The news came alongside Peloton’s fiscal first-quarter earnings report. Shares of the company jumped more than 20% in early trading.

“Peter is a seasoned strategist with a track record of driving sustainable growth through innovation, and we have every confidence in his ability to lead Peloton during this important time. He brings meaningful expertise in scaling differentiated technology-oriented platforms and has a deep understanding of the health and wellness sector — making him uniquely suited to serve as Peloton’s next CEO,” Jay Hoag, the chairperson of Peloton’s board, said in a news release.

“What’s more, Peter embodies Peloton’s core values, including operating with a bias for action, empowering teams of smart creatives and working together.”

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.

In a news release, Peloton said that it sought out a new CEO who appreciates and loves Peloton’s products, understands the company’s challenges and opportunities, and is passionate about helping people achieve their fitness goals.

Stern was an early adopter of Peloton, having been a member since 2016, and “has spent over 20 years operating at the nexus of hardware, software, content and services at Ford, Apple and Time Warner Cable,” the company said.

As the co-founder of Apple Fitness+, he helped the vertical grow its subscription base into the millions and knows how to operate a “complex, subscription-based business,” Peloton said.

The company said it was also looking for a product innovator and strategist and pointed to the 30-plus patents Stern has secured over the years, including an online media content patent.

“Working for Peloton is a dream come true for me,” Stern said in a statement. “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.”

This post appeared first on NBC NEWS

previous post
Will Breadth Divergences Signal the End of the Bull?
next post
Oil and Gas Analysis: Oil Rises While Gas is in a Downtrend

Related Posts

Netflix secures U.S. rights to the FIFA Women’s...

December 23, 2024

Fed Chair Powell says ‘time has come’ for...

August 25, 2024

Credit card delinquency rates hit a nearly 12-year...

July 25, 2024

The war on woke: How a gay rights...

December 4, 2024

Amazon workers worldwide set to protest on Black...

November 28, 2024

Comcast announces plan to spin off cable channels,...

November 21, 2024

JPMorgan creates new role overseeing junior bankers as...

September 20, 2024

Dental supply stock surges on RFK’s anti-fluoride stance,...

November 20, 2024

Costco cracks down on membership card sharing

August 9, 2024

American Airlines flight attendants ratify new contract with...

September 14, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • DP Trading Room: Key Support Levels for the SPY
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise

    Popular Posts

    • 1

      Polls show some good early signs for Kamala Harris

      July 26, 2024
    • 2

      Solana and Cardano: Solana is waiting for a new impulse

      July 18, 2024
    • 3

      The presidential race shifts — modestly, so far — toward Harris

      August 6, 2024
    • 4

      Donald Trump’s imaginary and frightening world

      September 23, 2024
    • 5

      DP Trading Room: PMO Sort on Earnings Darlings

      July 18, 2024

    Categories

    • Business (663)
    • Economy (965)
    • Politics (873)
    • Stocks (749)

    Disclaimer: therevenuerises.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 The Revenue Rises. All Rights Reserved.