Phil Molyneux, the CEO of Rad Power Bikes, has relinquished his position as part of a broader strategic reorganization within the esteemed electric bicycle company. According to TechCrunch, Stephanie Roberts, the chief financial officer, will assume the role of interim CEO while the company seeks a permanent replacement, and Molyneux will continue to serve as an advisor.

This development, initially reported by Electrek, follows the company’s fifth round of layoffs in under four years, which occurred a few months prior. Molyneux took the reins as CEO in 2022, succeeding Mike Radenbaugh. This leadership change comes at a time when several prominent e-bike brands, including Cake and VanMoof, have faced significant challenges, with the two aforementioned companies undergoing bankruptcy restructurings.

Rad Power Bikes is currently undergoing a “strategic pivot to support a greater emphasis on physical retail, which necessitated downsizing our teams involved in the direct-to-consumer business,” the company stated. “Although making these decisions is always difficult, we are approaching this transition with compassion and unwavering support for our talented team members, and we are confident that this pivot will better serve our riders and advance our mission moving forward.”