Rad Power Bikes CEO Phil Molyneux has stepped down as part of a broader strategic restructuring at the highly regarded electric bike company. The company told TechCrunch that while Chief Financial Officer Stephanie Roberts is serving as interim CEO, the company searches for replacements and Molyneux will serve as advisor.
The news first reported by Electrek comes just a few months after the fifth layoff in under four years. Molyneux took over the CEO role in 2022 after former CEO Mike Radenbaugh resigned. Shake-up has struggled with many of the most visible e-bike brands, with two cakes and Vanmouf, who have recently experienced bankruptcy restructuring.
Rad Power itself is “in the midst of a strategic pivot to support a more important focus on physical retail, which requires reducing the downsizing of teams involved in direct-business for consumers,” the company said in a statement. “Making these decisions is always challenging, but we approach this transition with empathy and unwavering support for our talented team members and we are confident that this pivot will better support our riders and our mission advancements in the future.”