Mike Radenbaugh is leaving his role as CEO of the Seattle-based e-bike company Rad Power Bikes, which he founded in 2007.
Rad Power on Wednesday confirmed to the Business Journal that Phil Molyneux, previously president and chief operating officer at Sony Electronics, is taking over as CEO. Radenbaugh will be chairman at Rad Power moving forward.
"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," a company spokesperson said in a statement to the Business Journal.
Molyneux joined Rad Power nine months ago and has served as the company's president. In addition to his time at Sony, Molyneux's LinkedIn notes he was also a regional president at Dyson, the vacuum cleaner, hair dryer and air purifier manufacturer. Prior to joining Rad Power, Molyneux was CEO at Wrethink, a company that makes a digital family organization device.
Rad Power makes a variety of e-bikes and, according to the company, has more than 550,000 riders globally. After the company raised $25 million in February 2020, Radenbaugh told the Business Journal it would likely be Rad Power's last funding round. The company, however, raised more than $300 million across two funding rounds in 2021. In 2022, Rad Power laid off about 100 workers in April as the company shuttered its mobile services arm. Rad Power laid off an additional 63 workers in July, citing an uncertain economic outlook and increased operating costs.
In August, the parents of a 12-year-old girl who died from an accident while riding on the back of a Rad Power e-bike filed a wrongful death lawsuit against the company in the Los Angeles County Superior Court. The complaint alleges the company's RadRunner model has design defects, and Rad Power misleads consumers about its bikes' safety for children.
Rad Power also has a commercial partnership with Domino's where it provides e-bikes for the pizza chain's delivery workers. Radenbaugh previously told the Business Journal the company wants e-bikes to become omnipresent much like cellphones are today.
“Basically we have a lot of just things that are going to be kind of shock and awe for consumers but offer really tangible benefits,” Radenbaugh said in March 2020.
