Rad Power Bikes already has a new CEO

Rad Power Bikes has named a new CEO, just a few days after its previous leader stepped down. The e-bike company has tapped Kathi Lentzsch, who has spent the last few decades helping turn around underperforming companies in both the consumer and B2B spaces.

The change comes as Rad Power continues to shift away from direct-to-consumer in favor of a retail-based approach — a change in strategy that has led the company to institute multiple rounds of layoffs over the last few years.

“Rad Power Bikes is at an inflection point, shifting from a direct-to-consumer model to a more retail-focused approach, and it’s an incredible time to come on board,” Lentzsch said in a statement. “This shift creates new opportunities to reach more riders, strengthen customer relationships, and evolve the brand in meaningful ways.”

Lentzsch will be Rad Power’s third CEO in the last three years. Phil Molyneux stepped down from the role earlier this month. He was installed as CEO in 2022 when founder Mike Radenbaugh stepped aside. Radenbaugh started the company in 2007.

Rad Power is not alone in its struggle to find the right business model for selling its electric bikes. Two of the most high-profile companies, Cake and VanMoof, recently went through bankruptcy restructurings in order to continue operating. And just last month, two others — Electric Bike Company and Integral Electrics — merged.