The CEO of Rad Power Bikes, Phil Molyneux, resigned within the framework of a broader strategic reshuffle of the famous electric bicycle company. The company told Techcrunch that financial director Stephanie Roberts would serve as an acting CEO while the company is looking for a replacement and Molyneux will serve as an advisor.
News, first reported by Electrek, comes a few months after going through his Fifth cycle of layoffs in less than four years. Molyneux took charge of the role of CEO in 2022 after the previous CEO Mike Radenbaugh resigned. The reshuffle occurs at a time when many of the most visible electric bike brands have had trouble, with two – Cake And Vanmof – Recently, going through bankrupt restructures.
Rad Power himself is in the middle of a “strategic pivot to support a greater emphasis on physical retail, which required a reduction in the workforce of our teams involved in the direct company to consumers,” the company said in a press release. “Although it is always difficult to make these decisions, we are approaching this transition with empathy and unwavering support to our talented teams of the team and are convinced that this pivot will better support our runners and the progress of our mission in the future.”
