This morning, Peloton has announced that Peter Stern will be their new CEO and president. This will be effective on January 1st, 2025.
Stern joins the company from Ford Integrated Services, where he is currently president. There, he oversaw many of their subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also was in charge of the digital product team at Ford.
Stern also spent time in leadership at Apple and Time Warner Cable.
The company highlighted that Peter Stern has been a Peloton member since 2016, and was an early adopter of both Bike & Tread. They also noted that he has experience in the fitness field, having been one of the co-founders of Apple Fitness+ for Apple. Peloton also shared Stern has been awarded over 30 patents, so hopes he can “brings creativity to strategic thinking” – and that he is the son of a fitness instructor himself.
Stern shared the following about joining the company:
“Working for Peloton is a dream come true for me. 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.”
Stern become Peloton’s third permanent CEO. Peloton co-founder John Foley was CEO until he stepped down in February 2022. He was immediately replaced by Barry McCarthy, who was CEO from February 2022 – April 2024.
Since McCarthy left in April, the company has been run by Peloton board members Karen Boone and Chris Bruzzo – who have acted as interim co-CEO’s and led the search for the new permanent CEO.
As part of the transition plan between now and when Stern takes over, Chris Bruzzo will step down as interim ceo-CEO (but remain on the board), and Karen Boone will lead the company as interim CEO until Stern starts on January 1st.
Even though there hasn’t been a permanent CEO the past few months, the company has still been launching new initiatives – such as the recent launch of selling Peloton Bike+ in Costco stores and online, as well as a paid influencer program.
During the last earnings call in August the interim CEO’s stated that they might look at raising hardware prices – which they did in September. They also stated they were analyzing a potential increase in the monthly subscription price as well – but they would save that decision for the new CEO to make one they were in place. It remains to be seen if this is a decision the new CEO will make as one effort to improve Peloton’s profitability.
Peloton shared at the end of August they expected to have a new CEO named by the next earnings call – and ended up making the announcement as part of the quarterly earnings release.
You can see more from Peloton’s quarterly earnings data and call here.
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Understand Peloton needs to increase it’s revenue, but it is already the most expensive and any increase to monthly subscriptions (especially the All Access) will likely result on a reduction in members as people weigh up the value; it will also put potential new members from joining. Suggest bring in new services and charge extra for these as optional. There is only so much people will pay per month for this kind of service, and I think Peloton is already getting close to that.