"We're achieving our cost savings targets faster than we expected as a result of strong execution," the New York-based company said.
Peloton, which thrived during pandemic lockdowns, has been mired in a deep slump over the past three years.
Stern, who is currently president of Ford Integrated Services, will join Jan. 1, the company said Thursday.
The company expects its connected fitness subscribers to fall 9% at the midpoint of its range to about 2.72 million.
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