Angelina “Angy” Smith has assumed the role of CEO at Rad Power Bikes, transitioning from her previous position as the company’s chief financial officer. With a diverse background in finance, Smith brings a wealth of experience from companies such as TrovaTrip, glassybaby, and Zulily, where she served as vice president of finance.
The appointment of Smith follows the tenure of Kathi Lentzsch, who led the company as CEO before her departure earlier this year. Lentzsch, a former CEO of Bartell Drugs, took the reins from Phil Molyneux, who held the position for over two years.
Rad Power Bikes, known for its direct-to-consumer e-bikes, faced financial challenges leading to its recent bankruptcy filing. Despite this, the company continues to pursue a sale to sustain its operations and preserve its brand presence in the market.
Since its inception in 2007, Rad Power Bikes has grown to become a prominent player in the North American e-bike market, raising substantial funding and expanding its workforce. However, the company experienced a downturn in sales post-pandemic, coupled with economic factors such as tariffs, leading to layoffs and financial strain.
The bankruptcy filing revealed a significant imbalance between Rad’s liabilities and assets, indicating the need for restructuring to address its financial obligations. Despite facing challenges, Rad remains committed to its mission of providing innovative electric bikes to consumers.
