Rad Power Bikes CEO Phil Molyneux has stepped down as part of a wider strategic reshuffling at the acclaimed electric bicycle company. The company told TechCrunch that chief financial officer Stephanie Roberts will serve as interim CEO while the company searches for a replacement and that Molyneux will serve as an adviser.
The news, first reported by Electrek, comes a few months after it went through its fifth round of layoffs in under four years. Molyneux took over the CEO role in 2022 after previous CEO Mike Radenbaugh stepped down. The shake-up comes at a time when many of the most visible e-bike brands have struggled, with two — Cake and VanMoof — recently going through bankruptcy restructurings.
Rad Power itself is in the middle of a “strategic pivot to support a more significant focus on physical retail, which required downsizing our teams involved in the direct-to-consumer business,” the company said in a statement. “While it is always challenging to make these decisions, we are approaching this transition with empathy and unwavering support for our talented team members and are confident that this pivot will better support our riders and the advancement of our mission going forward.”
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