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Ford's head of incorporated services leaves automaker to sign up with Peloton

The head of Ford Motor's. integrated services, who was entrusted with leading among the. car manufacturer's most important teams, is departing after about one. year, the business stated on Thursday.

Peter Stern, who joined Ford in August 2023 from Apple, was. trusted with building the automaker's repeating revenues. connected to lorry services across its electrical and. gasoline-engine models.

There's just nobody in the world much better able than Peter. Stern to build this strategically important part of our company,. Ford Chief Executive Jim Farley stated in a release when Stern was. employed.

Stern has been named CEO of physical fitness devices maker Peloton. , which stated the consultation was effective from Jan. 1,. 2025.

Michael Amend, Ford's chief business technology officer,. will lead its digital services system on an interim basis, Ford. said.

Long-established automobile companies like Ford and General Motors. have drawn in software application and technology talent from. Silicon Valley to support their objective of convincing customers to. pay for services beyond the traditional wholesale-to-dealer. design.

Our software is also a competitive benefit. Our paid. memberships delivered a growth of 50% in profits, 30% simply. this quarter, Farley informed experts during an incomes call this. week.

The car manufacturer published outcomes that disappointed Wall Street,. sending out the stock toppling about 8%.

(source: Reuters)