Ford loses an important figure from the services sector

The sudden departure of Peter Stern, head of integrated services at Ford Motor, is causing a stir. After just one year, Stern is leaving the company to embark on a new path as CEO at fitness equipment manufacturer Peloton starting in 2025. Previously, Stern had moved from Apple to Ford to develop the lucrative field of recurring revenue through vehicle-related services—a strategic goal for the traditional automaker. Ford CEO Jim Farley had praised Stern at his appointment as the best person for the development and expansion of this crucial business area. The role Stern leaves behind will be temporarily filled by Michael Amend, Ford's former Chief Enterprise Technology Officer. This underscores the importance of the planned digital transformation within the company. Manufacturers like Ford and General Motors are increasingly leveraging technological expertise from Silicon Valley to diversify their business models beyond traditional sales structures. This strategy aims to bind customers more sustainably and unlock new revenue streams. Despite a successful 50% increase in the area of paid subscriptions, recent business results showed weaknesses, leading to a roughly 8% drop in Ford's stock price.