Shares of fitness company Peloton Interactive (PTON) rose 22% in premarket trading Thursday after first-quarter results exceeded analyst expectations and Ford CEO Peter Stern was appointed 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 smaller than the $51.7 million loss expected by analysts polled by Visible Alpha. Revenue of $586.0 million also exceeded expectations.

Stern, who is currently president of Ford Integrated Services and previously served as a director at Apple (AAPL), will begin his new role on January 1, 2025.

“Peter is a seasoned strategist with a track record of driving sustainable growth through innovation, and we are confident in his ability to lead Peloton at this important time,” said Peloton Chairman Jay Hoag. “He brings meaningful expertise in scaling differentiated technology-focused platforms and deep insight into the health and wellness sector, making him ideally suited to serve as Peloton’s next CEO.”

Peloton had been looking for a CEO since May

In May, Peloton announced that Barry McCarthy would be stepping down as CEO and that the board had “initiated an extensive search process” to find its next leader.

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