Rad Power Bikes CEO steps down

Rad Energy Bikes CEO Phil Molyneux has stepped down as a part of a wider strategic reshuffling on the acclaimed electrical bicycle firm. The corporate informed TechCrunch that Chief Monetary Officer Stephanie Roberts will function interim CEO whereas the corporate searches for a substitute, and that Molyneux will function an adviser.

The information, first reported by Electrek, comes a couple of months after it went by way of its fifth round of layoffs in under four years. Molyneux took over the CEO function in 2022 after earlier CEO Mike Radenbaugh stepped down. The shakeup comes at a time when lots of the most seen e-bike manufacturers have struggled, with two — Cake and VanMoof — just lately going by way of chapter restructurings.

Rad Energy itself is in the course of a “strategic pivot to help a extra vital concentrate on bodily retail, which required downsizing our groups concerned within the direct-to-consumer enterprise,” the corporate mentioned in an announcement. “Whereas it’s at all times difficult to make these selections, we’re approaching this transition with empathy and unwavering help for our proficient crew members and are assured that this pivot will higher help our riders and the development of our mission going ahead.”