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

NEW YORK (AP) — Peloton has appointed its next CEO. Peter Stern, co-founder of Apple Fitness+ and a current Ford executive, will soon helm of the tech-fitness company.

Stern takes over as president and CEO on January 1, Peloton said Thursday. Karen Boone, one of two current interim CEOs, will continue to serve as chief executive through the end of the year, the company said.

Shares for the New York company climbed more than 20% Thursday.

Thursday's announcement arrives nearly six months after Barry McCarthy stepped down as Peloton’s chief executive. His departure in May came alongside larger restructuring and cost-cutting efforts at the company, which included the layoffs of hundreds of employees.