Phil Molyneux Steps Down as CEO of Rad Power Bikes Amid Company Shakeup
Last Updated on March 12, 2025 by Kristina
In a significant development for Seattle-based Rad Power Bikes, CEO Phil Molyneux is stepping down from his role after more than two years at the helm. Molyneux, who joined the company in November 2022, succeeded founder Mike Radenbaugh, who continues to serve as chairman of the board.
Rad Power Bikes confirmed Molyneux’s departure through a company spokesperson, who shared that the CEO is “stepping away from the company.” In the interim, Stephanie Roberts, the company’s Chief Financial Officer (CFO), will serve as the acting CEO as Rad searches for a permanent replacement.
The shakeup comes on the heels of another round of layoffs at the company, which has struggled to maintain the momentum it gained during the e-bike boom spurred by the pandemic. According to Rad, these layoffs are part of a “strategic pivot” to place a greater focus on physical retail, which led to downsizing within the teams responsible for the company’s direct-to-consumer sales. While the company declined to provide specific numbers regarding affected employees, LinkedIn data shows that Rad currently employs fewer than 400 people globally.
Despite the layoffs, Rad assured that its retail teams, including those working with local bike shops, remain fully operational and ready to support both new and existing riders. This marks yet another chapter of restructuring for Rad, which has seen multiple rounds of layoffs and organizational changes over the past few years.
Rad Power Bikes was once a standout success story in the e-bike industry. The company experienced explosive growth during the pandemic as more people turned to electric bikes. At its peak, Rad became North America’s leading e-bike seller, securing over $300 million in investments by 2021. That same year, the company was valued at $1.65 billion, earning it the status of a “unicorn” startup in the Seattle area.
However, the company’s trajectory has been more challenging in recent years. In 2023, Rad announced its decision to pull out of the European market, resulting in the loss of around 40 jobs. The company also shut down its retail store in New York City, further signaling a shift in strategy. Additionally, Rad has faced legal hurdles, including lawsuits and product recalls.
Despite these setbacks, Rad Power Bikes remains a key player in the growing e-bike market, with a focus on innovation and expanding its retail presence. As the company continues to navigate these changes, all eyes will be on the next leader to steer the company through this period of transition and challenge.
What do you think about the changes happening at Rad Power Bikes? Do you think the company can rebound from this shakeup? Drop your thoughts in the comments below! We’d love to hear from you.
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