Shares of Peloton Interactive Inc. (PTON) surged over 20% in pre-market trading on Thursday after the connected fitness equipment maker announced the appointment of Peter Stern as its new Chief Executive Officer and President, effective January 1, 2025. The hiring of Stern, a veteran executive with extensive experience in hardware, software, and subscription services, comes as Peloton aims to revive growth following pandemic-fueled challenges.
Stern, who currently serves as President of Ford Integrated Services, previously spent over six years as Vice President of Services at Apple Inc. (AAPL). There, he helped launch and grow Apple's Fitness+ service to millions of subscribers. Prior to Apple, Stern held leadership roles at Time Warner Cable.
In a statement, Peloton Board Chair Jay Hoag praised Stern as "a seasoned strategist with a track record of driving sustainable growth through innovation." Hoag highlighted Stern's "meaningful expertise in scaling differentiated technology-oriented platforms" and "deep understanding of the health and wellness sector."
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