Oct 31 (Reuters) - The head of Ford Motor's ( F )

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 ( AAPL ), 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

, 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 )

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%.