Peloton appoints Apple Fitness+ co-founder, now Ford executive, as its next CEO

Peloton has appointed its next CEO. Peter Stern, co-founder of Apple Fitness+ and a current Ford executive, will soon step into the helm of the company. Stern is set to become president and CEO effective January 1, Peloton announced Thursday. Karen Boone, one of two current interim CEOs, will continue to serve as chief executive through the end of the year. Shares for the New York-based company climbed more than 20% Thursday morning. The announcement arrives as Peloton works to rebrand itself and widen its customer base. The exercise company saw sales soar during the early days of the COVID-19 pandemic — but has more recently struggled with loss after loss.