Shares of fitness company Peloton Interactive (PTON) soared 22% in premarket trading Thursday after its first-quarter results topped analysts’ estimates and it appointed Ford executive Peter Stern as its new Chief Executive Officer (CEO) and president.

Peloton reported a net loss of just $1 million, an improvement of $158 million year-over-year and much narrower than the $51.7 million loss expected by analysts polled by Visible Alpha. Revenue of $586.0 million also surpassed projections.

Stern, who currently serves as president of Ford Integrated Services and previously was an executive at Apple (AAPL), will begin his new roles on Jan. 1, 2025.

“Peter is a seasoned strategist with a track record of driving sustainable growth through innovation, and we have every confidence in his ability to lead Peloton during this important time,” Peloton chair Jay Hoag said. “He brings meaningful expertise in scaling differentiated technology-oriented platforms and has a deep understanding of the health and wellness sector—making him uniquely suited to serve as Peloton’s next CEO.”

Peloton Had Been Searching for CEO Since May

In May, Peloton announced Barry McCarthy was stepping down as CEO and that the board had “initiated a comprehensive search process” to find its next leader.

Peloton shares had been up about 9% on the year through Wednesday’s close.