Phil Molyneux has stepped down as CEO of Rad Power Bikes as the company undergoes a strategic realignment. The electric bicycle manufacturer announced that Stephanie Roberts, the companyās chief financial officer, will serve as interim CEO while a search for a permanent replacement is conducted. Molyneux will remain an adviser to the company.
The leadership change follows a period of financial restructuring for Rad Power, which has seen five rounds of layoffs in less than four years. Molyneux took over as CEO in 2022 after company founder Mike Radenbaugh stepped down.
His departure comes amid broader struggles in the e-bike industry, with brands like Cake and VanMoof recently undergoing bankruptcy proceedings.
Rad Power Bikes is shifting its focus toward expanding physical retail locations while reducing its direct-to-consumer operations. āWhile 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,ā the company said in a statement.
The companyās restructuring aims to adapt to evolving market conditions, as the e-bike industry navigates economic pressures and changing consumer preferences.