Rad Power Bikes CEO Mike Radenbaugh is stepping down from his position at the Seattle-based e-bike company.
Rad confirmed to Startup that Radenbaugh is being replaced by Phil Molyneux, who was hired as president and COO earlier this year. Molyneux previously was president at Sony Electronics and Dyson America. He was most recently CEO at Wrethink.
Radenbaugh will remain chairman.
“With Phil now leading the day-to-day operations, Mike will focus on e-bike advocacy and innovation. Together they are devoted to accelerating the e-bike revolution,” Rad said in a statement.
Radenbaugh launched Rad with his childhood friend Ty Collins in 2015 when they raised $320,365 in an Indiegogo crowdfunding campaign. Collins stepped down last year.
Rad has dealt with layoffs and lawsuits in 2022.
It cut 100 positions in April and another 63 employees in July, when it cited an effort to be a more “self-sustaining business” amid the economic downturn.
The company employs nearly 500 people, according to LinkedIn.
Rad was hit with a wrongful death lawsuit in August, and another lawsuit related to property damage last month.
The company also had to recall nearly 30,000 units due to a safety issue earlier this month, amid broader concerns about the safety of e-bikes. Rad received 137 reports of tires blowing out, deflating, and separating from the sidewalls of its RadWagon 4 Electric Cargo Bike.
Rad raised $304 million last year as part of two separate cash infusions to fuel its capital-intensive business. It was valued at $1.65 billion in October 2021, according to PitchBook, making it one of a handful of “unicorn” startups in the Seattle region.
Rad saw big demand amid the pandemic as more people bought e-bikes. The company is also riding tailwinds from climate-related trends as people and companies look to lower their carbon footprint.
The global e-bike market is expected to reach $118.6 billion by 2030, according to Allied Market Research. E-bikes are now a larger category than road bikes based on sales revenue, according to NPD Group.
Rad’s investors include Fidelity Management & Research Company; Counterpoint Global (Morgan Stanley); (Cercano Management (formerly Vulcan Capital); Durable Capital Partners LP; The Rise Fund (TPG’s multi-sector global impact investing strategy); and funds and accounts advised by T. Rowe Price Associates. Blue Nile and Zulily co-founders Darrell Cavens and Mark Vadon also invested in 2019.