Rad Power Bikes has a new CEO as the Seattle-based electric bike manufacturer navigates Chapter 11 bankruptcy proceedings.
Angelina “Angy” Smith, who has been chief financial officer at the company since April, assumed the leadership position earlier this month, becoming Rad’s fourth CEO in three years.
Smith previously held CFO and other finance roles at a number of companies, including TrovaTrip, Athena Consumer Acquisition Corp., Thrive Causemetics, glassbybaby, Mixpo, Razorfish and aQuantive. She was vice president of finance at Zulily for almost five years.
Smith replaces Kathi Lentzsch, who took over the CEO role in March. Lentzsch previously ran Bartell Drugs as CEO before the company sold to Rite-Aid in 2020.
Lentzsch replaced Phil Molyneux, the former Sony president who stepped down earlier this year after leading Rad for more than two years. Rad founder Mike Radenbaugh led the company until stepping down in 2022.
Rad filed for bankruptcy protection earlier this month even as the company said it was still working toward a sale that would keep the popular brand alive.
Conceived in 2007 and launched as a direct-to-consumer brand in 2015, Rad Power Bikes rose to become a leading seller of e-bikes in North America, employing hundreds and raising more than $329 million. But after the pandemic-era sales boom dropped off, the company was hit by layoffs and economic headwinds, including tariffs.
Rad announced in November that it was facing “significant financial challenges” and in danger of shutting down in January.
In its bankruptcy filing, Rad reported total liabilities of nearly $73 million, more than double its assets of $32 million. The filing also revealed a steady drop in gross revenue — from $129.8 million in 2023 to $103.8 million in 2024, and $63.3 million so far this year.
