It’s a changing of the guard at Rad Power Bikes, as CEO Mike Radenbaugh will be stepping down from his position.
Company president Phil Molyneux will fill the role of CEO and lead the day-to-day operations. Before joining Rad Power Bikes, Molyneux had been president at Dyson America and Sony Electronics, bringing along with him a “deep experience leading complex hardware businesses.”
Radenbaugh will transition to chairman of the board to instead focus on e-bike advocacy and innovation.
As a company, Rad has had some tremendous ups and downs. It’s been one of the fastest-growing e-bike brands in the U.S. This past summer, it opened its sixth showroom store, in Salt Lake City, and shared plans to open more stores in Huntington Beach, Brooklyn, and St. Petersburg, Florida. The company boasts that it has more than 550,000 riders – an impressive number.
This year also had some difficulties, including two separate layoff rounds that let go of 163 employees. It has also had to face down a number of potentially expensive lawsuits – a wrongful death suit for a girl who died while riding as a passenger, a property damage suit after a Rad e-bike allegedly caught fire, and a personal injury suit where an allegedly loose stem caused a crash and resulting injuries.
In 2021, Rad raised $304 million as part of two separate cash infusions to fuel its capital-intensive business. It was valued at $1.65 billion in October 2021, according to PitchBook, making it one of a handful of “unicorn” startups in the Seattle region.
Rad Power Bikes Founder Mike Radenbaugh
SOURCE | IMAGES: ELECTRIC BIKE ACTION, NEW YORK TIMES.
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