Peloton brings in Ford exec who helped create Apple Fitness+ to lead its turnaround effort

• Peloton just named Peter Stern as its new CEO.
• The struggling fitness company is in the midst of a turnaround effort.

Peloton has announced a new CEO to lead its turnaround effort.

The struggling fitness company said Thursday that Peter Stern, currently president of Ford Integrated Services and previously a VP at Apple, will be taking the helm on January 1.

Peloton, which became a pandemic success story when consumers were stuck at home, has struggled in recent years as demand for its products has slipped.

Its former CEO, Barry McCarthy, stepped down in May this year.

Peloton said in a statement announcing the news on Thursday that Stern was cofounder of Apple Fitness+, a subscription service for workout videos.

"Working for Peloton is a dream come true for me," Stern said. "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."

This story is developing. Please check back for updates.