Rad Energy Bikes has a brand new CEO because the Seattle-based electrical bike producer navigates Chapter 11 chapter proceedings.
Angelina “Angy” Smith, who has been chief monetary officer on the firm since April, assumed the management place earlier this month, changing into Rad’s fourth CEO in three years.
Smith beforehand held CFO and different finance roles at numerous corporations, together with TrovaTrip, Athena Client Acquisition Corp., Thrive Causemetics, glassybaby, Mixpo, Razorfish and aQuantive. She was vp of finance at Zulily for nearly 5 years.
Smith replaces Kathi Lentzsch, who took over the CEO function in March. Lentzsch beforehand ran Bartell Medication as CEO earlier than the corporate offered to Ceremony-Help in 2020.
Lentzsch changed Phil Molyneux, the previous Sony president who stepped down earlier this yr after main Rad for greater than two years. Rad founder Mike Radenbaugh led the corporate till stepping down in 2022.
Rad filed for chapter safety earlier this month at the same time as the corporate stated it was nonetheless working towards a sale that will hold the favored model alive.
Conceived in 2007 and launched as a direct-to-consumer model in 2015, Rad Energy Bikes rose to develop into a number one vendor of e-bikes in North America, using a whole bunch and elevating greater than $329 million. However after the pandemic-era gross sales growth dropped off, the corporate was hit by layoffs and financial headwinds, together with tariffs.
Rad introduced in November that it was dealing with “important monetary challenges” and in peril of shutting down in January.
In its chapter submitting, Rad reported whole liabilities of practically $73 million, greater than double its property of $32 million. The submitting additionally revealed a gentle drop in gross income — from $129.8 million in 2023 to $103.8 million in 2024, and $63.3 million to date this yr.
