Ford's head of integrated services leaves automaker to join Peloton (updated)
31/10/2024 13:55
(Updates with background, context)
By Nora Eckert
Oct 31 (Reuters) - The head of Ford Motor's F.N
integrated services, who was tasked with leading one of the
automaker's most important teams, is departing after about one
year, the company said on Thursday.
Peter Stern, who joined Ford in August 2023 from Apple, was
trusted with building the automaker's recurring revenues
attached to vehicle services across its electric and
gasoline-engine models.
"There's simply no one in the world better able than Peter
Stern to build this strategically vital part of our business,"
Ford Chief Executive Jim Farley said in a release when Stern was
hired.
Stern has been named CEO of fitness equipment maker Peloton
PTON.O , which said the appointment was effective from Jan. 1,
2025.
Michael Amend, Ford's chief enterprise technology officer,
will lead its digital services unit on an interim basis, Ford
said.
Long-established auto companies like Ford and General Motors
GM.N have attracted software and technology talent from
Silicon Valley to support their goal of convincing customers to
pay for services outside of the traditional wholesale-to-dealer
model.
"Our software is also a competitive advantage. Our paid
subscriptions delivered a growth of 50% in revenue, 30% just
this quarter," Farley told analysts during an earnings call this
week.
The automaker posted results that disappointed Wall Street,
sending the stock tumbling about 8%.
(Reporting by Nora Eckert in Detroit; Additional reporting by
Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar and
Mike Harrison)
((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192; X:
@Shivansh_19_;))