Peloton CEO Peter Stern Says No Plans To Sell The Company, Turnaround Underway: Retail Not Impressed

2025-06-06 05:01:09

(MENAFN- AsiaNet News)

Peloton Interactive (PTON) CEO Peter Stern said Thursday he has no intention of selling the company, reaffirming his commitment to reviving the bike workouts firm and keeping it "a standalone company."

Speaking at a Bloomberg event, he said, "I was not hired to sell this company."

"I was hired to bring this company back to growth, reinvigorate it, and that is happening."

Peloton, known for its connected fitness equipment and subscription-based platform, has seen its business decline since 2021, after a surge in demand during the COVID-19 lockdowns when consumers turned to at-home workouts.

Peloton's sales have shrunk in each of the last three years, and its stock is down about 96% from its high in January 2021.

The company has implemented several initiatives to revive the business, including 15% job cuts announced last year and shifting focus to subscription sales over hardware.

Peloton brought in Stern late last year to lead the turnaround efforts. Stern is a co-founder of Apple Fitness+ and was earlier a senior executive at Ford.

On Thursday, he said Peloton must evolve into a more personalized coach powered by artificial intelligence (AI), while expanding its reach through retail, international markets, and travel, including a stronger presence in hotel gyms.

He also said the company must balance between hardware and software: "Our future is not to try to scale the app at the expense of that equipment business."

The company has already integrated AI to deliver personalized coaching and workout plans, and recently launched Peloton Repowered-a resale marketplace that allows members to sell their equipment and products.

On Stocktwits, the retail sentiment for Peloton dropped to 'neutral' from 'bullish' the previous day.

One user said, "$PTON is not relevant anymore."

PTON shares are 20.2% this year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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