Peloton taps former Apple exec as CEO
Peloton Interactive has tapped the co-founder of Apple Fitness+ as its next chief executive.
The interactive fitness company appointed Peter Stern as CEO and president effective Jan.1, 2025. He will succeed board members Karen Boone and Chris Bruzzo, who were appointed interim co-CEOs following the departure of Barry McCarthy after just over two years. The company expects to appoint Stern to the Peloton board.
Stern currently serves as president of Ford Integrated Services, where he is responsible for a portfolio of subscription services.
Prior to joining Ford in August 2023, Stern was VP of services at Apple, where he managed the businesses of Apple TV+ and Sports, iCloud, Apple News, Apple Books, Apple Arcade, Apple Fitness+ and Apple One. He also led marketing for Apple services and is the co-founder of Apple Fitness+.
Before joining Apple in 2016, Stern was executive VP and chief product, people and strategy officer at Time Warner Cable.
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,” said Jay Hoag, chairperson of the Peloton board. “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.”
In a release announcing the appointment, Peloton pointed out that Stern has been a Peloton member since 2016 and “works hard to stay fit by making the right choices about his health every day, and Peloton classes are a critical part of his routine.” It also said Stern 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.
“Working for Peloton is a dream come true for me,” said Stern. “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.”
Stern’s appointment was announced as Peloton reported progress in its turnaround, with its total first-quarter net loss dropping from $159.3 million in the year-ago period to $900,000. Total revenue fell 1.6% to a better-than-expected $586 million.
In connection with the appointment, Boone will serve as sole Interim CEO and president through the end of the calendar year, and Bruzzo will step down as interim Co-CEO and president on Nov. 1. Both will remain members of the Peloton board.
