Peloton Names Apple Fitness+ Co-Founder as New CEO

Peloton has appointed Peter Stern, co-founder of Apple Fitness+ and a Ford executive, as its new CEO. Stern, who will assume his role on January 1, succeeds interim CEO Karen Boone. Shares of the New York-based fitness tech company surged over 20% following the news. The leadership change comes nearly six months after Barry McCarthy's departure amid restructuring and substantial layoffs.

Peloton, which thrived during the COVID-19 lockdowns, has lately faced financial challenges as demand waned. The company reported a $900,000 loss on $586 million revenue for the first quarter, performing better than expected. As part of a strategic shift, Peloton aims to rebrand itself from a luxury bike seller to a broader health tech firm. Plans include offering discounted stationary bikes at Costco this holiday season. Stern called joining Peloton "a dream come true"; he has been a Peloton member since 2016. Alongside Stern's announcement, Chris Bruzzo will resign as co-interim CEO but stay on Peloton's board with Boone. Stern is also set to join the board. (This story was generated by Newser's AI chatbot. Source: the AP)