Rad Power Bikes CEO Phil Molyneux has stepped down as part of a expansiver strategic reshuffling at the acclaimed electric bicycle company. The company telderly 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 directr.
The recents, first inestablished by Electrek, comes a scant months after it went thraw 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 shakeup comes at a time when many of the most evident e-bike brands have struggled, with two — Cake and VanMoof — recently going thraw prohibitkruptcy restructurings.
Rad Power itself is in the middle of a “strategic pivot to aid a more convey inant concentrate on physical retail, which insistd downsizing our teams included in the straightforward-to-devourr business,” the company shelp in a statement. “While it is always challenging to produce these decisions, we are approaching this transition with understanding and unwavering aid for our talented team members and are self-promised that this pivot will better aid our riders and the progressment of our omition going forward.”
