Rad Power Bikes CEO Steps Down - Leadership Change

Rad Power Bikes Announces Leadership Transition

A change in leadership has occurred at Rad Power Bikes, with Phil Molyneux relinquishing his position as Chief Executive Officer. This decision is part of a broader strategic realignment within the electric bicycle manufacturer.

According to reports shared with TechCrunch, Stephanie Roberts, the current chief financial officer, will assume the role of interim CEO. She will lead the company during the search for a permanent successor. Molyneux will continue to contribute to the company as an advisor.

Recent Challenges and Industry Trends

This leadership shift follows a period of restructuring for Rad Power Bikes, including a fifth round of layoffs in less than four years, as initially noted by Electrek. Molyneux assumed the CEO position in 2022, succeeding Mike Radenbaugh.

The company’s adjustments are occurring within a challenging landscape for e-bike brands. Several prominent companies, including Cake and VanMoof, have recently undergone bankruptcy proceedings.

Strategic Focus on Retail

Rad Power Bikes is currently undergoing a “strategic pivot” to prioritize its physical retail presence. This shift necessitated a reduction in teams focused on direct-to-consumer sales, as stated by the company.

The company expressed its commitment to supporting its employees during this transition. They believe this strategic change will ultimately strengthen their ability to serve customers and advance their core mission.