Peloton appoints Apple Fitness Plus cofounder as new CEO

Peloton’s got a caller caput honcho. The institution announced that Ford enforcement Peter Stern volition instrumentality implicit arsenic CEO and President starting January 1st. Stern antecedently worked astatine Apple and Time Warner Cable.

“As a cofounder and driving unit down Apple Fitness Plus, Peter led his maturation to millions of members, and is liable for successfully scaling implicit a twelve different subscription services ranging from Ford BlueCruise to Apple iCloud to Time Warner Cable Home Security,” said Karen Boone, Peloton’s interim CEO, connected today’s Q1 2025 earnings call. “Importantly, Peter has besides been a passionate subordinate of the Peloton assemblage since 2016.”

In a Q&A with investors, Boone besides emphasized that Stern was “known for execution” and that the quality to equilibrium profitability and maturation was apical of caput successful the hunt for a caller leader. Notably, Peloton’s downfall was owed to the institution throwing hundreds of millions at maturation opportunities portion failing to relationship for waning request aft vaccines became wide available.

Stern’s assignment is further grounds that Peloton progressively views its aboriginal is successful services. Stern spent much than six years astatine Apple arsenic VP of services. On apical of his acquisition with Fitness Plus, a nonstop rival for Peloton, helium handled Apple TV Plus, iCloud, Apple News, Apple Books, Apple Arcade, and Apple One.

Peloton besides noted respective caller bundle features are successful the works. That includes a antecedently announced spot grooming app for gym-goers, which has had 70,000 signups frankincense far. The institution is besides investigating a 2nd crippled aft seeing that 10 percent of progressive subscribers prosecute with its Lane Break game. It’s presently successful a closed beta of astir 100 existing Bike Plus members. Another beta diagnostic is called Personalized Plan, which gives users a play workout program based connected an idiosyncratic member’s fittingness goals.

In its net call, Peloton said its full gross somewhat exceeded estimates astatine $586 cardinal — $160 cardinal from hardware sales, and $426 cardinal from subscriptions. The institution besides raised its afloat twelvemonth 2025 gross guidance by $40 million, and said it expects to person affirmative escaped currency travel successful each 4 quarters. Stock prices surged 22 percent acknowledgment to stronger-than-expected financials and Stern’s appointment.