Peloton Rallies After Tapping Ford Executive as Its Next CEO
- Stern, president of Ford Integrated Services, begins Jan. 1
- Peloton also delivers results that show better profitability
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Peloton Interactive Inc. shares soared after the fitness company named Ford Motor Co. executive Peter Stern as its next chief executive officer and delivered improving profitability.
Stern — who is currently president of Ford Integrated Services and previously served as a vice president for Apple Inc. — will join Jan. 1, the company said Thursday. Peloton also released quarterly results and forecasts that showed its cost-cutting efforts are beginning to boost the bottom line, even as revenue continues to fall.