Summarize this content to 2000 words in 6 paragraphs
(Rad Power Bikes Photo)
Phil Molyneux is no longer CEO of Rad Power Bikes, more than two years after the former Sony president took over the Seattle-based e-bike maker.
A spokesperson for Rad confirmed that Molyneux is “stepping away from the company.”
Stephanie Roberts, the company’s CFO, is serving as interim CEO while Rad searches for a new leader.
The company spokesperson also confirmed that Rad went through another round of layoffs. The latest cuts are part of a “strategic pivot to support a more significant focus on physical retail, which required downsizing our teams involved in the direct-to-consumer business,” according to the spokesperson.
The company declined to provide details on number of employees affected by the layoffs, or total current headcount. Rad has less than 400 employees worldwide, according to LinkedIn.
“Our Rad Retail and retail partner teams remain fully intact and ready to support new and existing riders, as well as local bike shops,” a spokesperson said in a statement.
E-bike outlet Electrek reported earlier on Molyneux’s departure.
Molyneux joined the company in November 2022, replacing founder Mike Radenbaugh, who remains chairman. Molyneux previously was president at Dyson America and CEO at Wrethink.
Rad has gone through multiple rounds of layoffs over the past several years. In 2023 the company announced that it was pulling out of Europe and would lay off around 40 employees. Rad also shuttered a retail store location in New York City.
The company has also dealt with several lawsuits and recalls.
Rad saw big demand amid the pandemic as more people bought e-bikes. It grew into the leading e-bike seller in North America and raised more than $300 million from investors in 2021. The company was valued at $1.65 billion that year, according to PitchBook, making it one of a handful of “unicorn” startups in the Seattle region at the time.
