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Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO
Peloton Names Ford Exec and Apple Fitness+ Founder Peter Stern as CEO, Plans to Cut 500 Jobs
Former Ford and Apple Exec Peter Stern to Take the Helm at Peloton
Peloton Interactive, Inc. has appointed Peter Stern as its new Chief Executive Officer, effective February 13, 2023. Stern joins Peloton from Ford Motor Company, where he most recently served as Chief Operating Officer of Ford Blue, and before that, he was the founding CEO of Apple Fitness+.
Stern's Background and Experience
Stern brings a wealth of experience in the technology and automotive industries to Peloton. Prior to his roles at Ford and Apple, he held leadership positions at consulting firm McKinsey & Co. and at ride-sharing company Lyft.
Peloton's Plans for Future Growth
Stern's appointment comes as Peloton announces plans to cut 500 jobs, or about 12% of its workforce, in an effort to reduce costs and streamline operations. The company is also exploring strategic alternatives, including a potential sale or merger, as it seeks to regain profitability and return to growth.
The Challenges Ahead for Peloton
Stern faces several challenges as he takes the helm at Peloton. The company has seen a decline in demand for its products and services as fitness enthusiasts return to in-person workouts and competition from rivals intensifies. Additionally, Peloton has faced safety concerns related to its treadmills, as well as supply chain disruptions and manufacturing issues.
Stern's Vision and Strategy
Stern has expressed his commitment to improving Peloton's financial performance and customer experience. He plans to focus on improving the company's hardware and software offerings, expanding its content library, and enhancing its membership programs. Stern has also emphasized the importance of operational efficiency and cost control.
Expectations and Prospects for Peloton
Analysts and investors are watching closely to see how Stern's leadership will impact Peloton's turnaround efforts. The company's stock price has been volatile in recent months, and its future prospects remain uncertain. However, Stern's experience and track record in driving growth and innovation provide some hope for Peloton's recovery.