Peloton has tapped Ford executive Peter Stern to be its next CEO. The longtime automotive executive was last overseeing Ford's subscription services.Peloton on Thursday said it has appointed a Ford executive to be its next CEO and president.

(Reuters) -Peloton Interactive has appointed former Apple executive Peter Stern its CEO and president effective Jan. 1, the company said on Thursday, to steer a turnaround following a post-pandemic demand slump, sending its shares up more than 24%.

Peloton Interactive appointed Peter Stern as chief executive officer following a months-long search for a new leader to continue its turnaround efforts.