Peloton Picks Apple Fitness+ Vet Peter Stern as New CEO

Peloton appointed the co-founder of Apple Fitness+ to serve as its new leader.

Peter Stern, who joins the digital fitness brand from a position at Ford, is slated to become president and CEO beginning Jan. 1, according to a Thursday (Oct. 31) press release.

“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,” Jay Hoag, chairperson of the Peloton board, said in the release. “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.”

The board chose Stern in part because it was seeking someone who had proven they could “operate a complex, subscription-based business,” the release said.

As president of Ford Integrated Services, Stern oversees a portfolio of subscription services that includes BlueCruise, Pro Intelligence, connectivity and security, while also heading the carmaker’s digital product team, per the release. He also previously handled subscription businesses that include Apple iCloud and Time Warner Cable Home Security.

Stern replaces interim co-CEOs and co-Presidents Karen Boone and Chris Bruzzo, the release said. Boone will retain her role for the remainder of the year, with both she and Bruzzo staying on as members of the company board.

Peloton named its co-CEOs earlier this year following the resignation of Barry McCarthy, who had led the company for two years. The company was in the middle of a restructuring campaign, cutting jobs and scaling back its retail footprint.

Peloton has struggled this year to combat a dramatic drop in subscription numbers.

“The company’s ambitious upgrades to its product and content have failed to counteract a steep decline in both Connected Fitness and app subscriptions, casting a shadow over its otherwise stable performance,” PYMNTS wrote in August.

Peloton’s first-quarter earnings report for fiscal year 2025— released Thursday — showed that the company had 582,000 paid app subscribers, down from 615,000 in the prior quarter.

The company has been working on rebranding this year, focusing on shifting its image from a niche, in-home exercise bike provider to a comprehensive fitness solution.

“We’re not yet known for strength,” Boone told investors in August. “I think you’ll see with the beta tests we’re having, with other things, we’re planning to make sure that’s better understood and more well known. I think you’ll see that as more of a white space for us in the future with new members and even kind of going deeper with our existing members. And then, I think there’s more we can do just with broadening beyond just fitness over time.”