The company expects to appoint Stern to the Peloton Board.
Peloton has seen seeking a new CEO since its former boss, Barry McCarthy, stepped down in May amid the connected fitness leader’s struggles to revive top-line growth. McCarthy, a former Spotify and Netflix exec, became a strategic advisor to Peloton through the end of the year while Karen Boone, the company’s chairperson, and director Chris Bruzzo are serving as interim co-CEOs
Jay Hoag, Chairperson of the Peloton Board, made the following statement on behalf of his fellow directors on the hiring of Stern:
“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. 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.
“What’s more, Peter embodies Peloton’s core values, including operating with a bias for action, empowering teams of smart creatives and working together. We hope the entire Peloton community shares our excitement and looks forward to working with Peter as we lead Peloton into the future and unlock long-term value for all our stakeholders.”
The Peloton Board conducted a comprehensive search to identify Peloton’s next leader who:
- Appreciates and loves Peloton’s products and services. Stern has been a Peloton Member since 2016, and an early adopter of both the Bike and Tread. He 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.
- Understands the company’s challenges and opportunities. Peloton brings together expert instruction and world class content to create impactful and entertaining workout experiences to enhance Members’ lives. Stern has spent over 20 years operating at the nexus of hardware, software, content and services at Ford, Apple and Time Warner Cable.
- Is passionate about helping people meet their fitness goals. As the co-founder of Apple Fitness+, Stern led its growth to millions of members. He brings the energy of a founder with the experience of a veteran.
- Can operate a complex, subscription-based business. 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.
- Is a product innovator and strategist. Stern brings creativity to strategic thinking. He has been awarded over 30 patents (including a foundational patent in online media content, TV Everywhere), led strategy for companies navigating critical transitions and founded multiple businesses.
- Recognizes that, at the end, it’s all about people. As a former Chief People Officer, and the son of a fitness instructor, Stern has deep empathy for Peloton’s team members and its devoted community of Members.
“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. I am excited to link arms with our dedicated Lead Team. I am awestruck to personally get to know our talented instructors. And I am humbled to work alongside our thousands of purpose-driven team members to change even more lives for the better. Finally, I am grateful to the Peloton Board for entrusting me with this responsibility and giving me the chance to take Peloton and its Members to even greater heights.”
Hoag concluded, “On behalf of the entire Board, I want to thank both Karen Boone and Chris Bruzzo for assuming the role of Interim Co-CEOs and Co-Presidents, while the Board undertook a comprehensive search to identify Peloton’s next leader. Supported by the great work of our dedicated team members, Karen and Chris’ contributions over the past six months have been invaluable, and Peloton will be fortunate to benefit from their insights on the Board after Peter begins his new role.”
In connection with today’s announcement, 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 November 1, 2024. Bruzzo and Boone will remain members of the Peloton Board.
Separately, Peloton announced financial results for the first quarter 2025.
Additional background on Stern, age 52: he will be stepping down from his role as President of Ford Integrated Services, where he is currently responsible for a portfolio of subscription services that includes BlueCruise, Pro Intelligence, connectivity and security, and leads the company’s digital product team. Prior to joining Ford, Stern spent more than six years as Vice President 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. Additionally, Stern led marketing for Apple services, including the App Store, Apple Card, Apple Pay, Apple Music, Apple Podcasts and Apple Maps. He also oversaw Apple’s advertising businesses during a period of rapid growth. Before joining Apple in 2016, Stern was Executive Vice President and Chief Product, People and Strategy Officer at Time Warner Cable. Prior to that, he was an Associate Principal at McKinsey & Co.
Images courtesy Peloton
