Rad Power Bikes has a new CEO as the Seattle-based electric bicycle manufacturer navigates Chapter 11 bankruptcy proceedings.
Angelina ‘Angy’ Smithwho has been the company’s Chief Financial Officer since April, took over 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 Lentzschwho took over the role of CEO in March. Lentzsch previously led Bartell Drugs as CEO before the company was sold to Rite-Aid in 2020.
Lentzsch replaced Phil Molyneuxthe former Sony president who resigned earlier this year after leading Rad for more than two years. Rad founder Mike Radenbaugh led the company until he stepped down in 2022.
Rad filed for bankruptcy protection earlier this month, while the company said it was still working on a sale that would keep the popular brand alive.
Founded in 2007 and launched as a direct-to-consumer brand in 2015, Rad Power Bikes grew into a leading e-bike retailer in North America, with hundreds of employees and revenues of more than $329 million. But after the pandemic-era sales boom waned, the company was hit by layoffs and economic headwinds, including tariffs.
Rad announced in November that it was facing “significant financial challenges” and was at risk of closing in January.
In his bankruptcy filing, Rad reported total debts of nearly $73 million, more than double its assets of $32 million. The filing also showed a steady decline in gross revenues – from $129.8 million in 2023 to $103.8 million in 2024, and $63.3 million so far this year.
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