SEATTLE (BRAIN) — Rad Power Bikes named Kathi Lentzsch its new CEO. She comes to Rad Power from Bartell Drugs, where she was CEO from 2018 to 2020.
In announcing former CEO Phil Molyneux's exit last week, Rad Power also said it was laying off an undisclosed number of employees from its direct-to-consumer sales staff, while re-emphasizing and growing its Rad Retail and local bike shop locations.
"Rad Power Bikes is at an inflection point, shifting from a direct-to-consumer model to a more retail-focused approach, and it's an incredible time to come on board," Lentzsch said in a statement issued by Rad Power. "This shift creates new opportunities to reach more riders, strengthen customer relationships, and evolve the brand in meaningful ways."
At Bartell Drugs, she led the company through a merger with Rite-Aid. Since her time at Bartell Drugs, she has served on several boards of directors. She was interim CEO of Gumps, a multi-channel retailer of luxury gifts, home decor, jewelry, and apparel, from 2016-2017. Previous to that, she was executive vice president of merchandising and marketing for World Market for nearly five years and senior vice president and division head for Pottery Barn for three years.
"What drew me to Rad is its unwavering commitment to innovation, sustainable transportation, and, most importantly, putting riders first," she said. "I'm eager to work alongside this talented team to build on Rad's strong foundation of producing great products and partnering with the best bike shops to bring those e-bikes to riders, complete with a Rad Grin."
There's been more groaning than grinning at Rad Power since the brand received a $25 million funding round in February 2020 led by Vulcan Capital and Durable Capital Partners LP. Vulcan Capital is the investment arm of Vulcan Inc., the company founded by Microsoft co-founder and philanthropist Paul Allen. Then existing investors added another $154 million in October 2021. Since its inception, Rad Power received financing totaling $329 million, which it claimed made it the best-funded direct-to-consumer e-bike company in the world.
The most recent round of layoffs was the sixth in three years.
Molyneux had been with Rad Power since 2022 and succeeded founder Mike Radenbaugh. Molyneux worked with CFO Stephanie Roberts, who assumed the role of interim CEO, while the search for his replacement was underway. Before joining Rad Power, Molyneux was a regional president of Dyson and president/chief operating officer of Sony Electronics.
Last September, Rad Power said its bikes will be sold at 150 Best Buy stores and BestBuy.com. The company also announced it had hired bike industry veteran George Lee as director of sales.
