SEATTLE (BRAIN) Rad Power Bikes has a new CEO as it trims its executive roster during the Chapter 11 bankruptcy proceedings, according to a brand spokesperson.
Chief Financial Officer Angelina "Angy" Smith has been elevated to the position after joining the company in April. She previously was CFO of TrovaTrip, a group travel company, and Athena Consumer Acquisition Corp., a special purpose acquisition company that merged with Next.e.Go Mobile.
This is Rad Power's fourth CEO in the past three years, following founder Mike Radenbaugh (2007-2022), Phil Molyneaux (2022-25), and Kathi Lentzsch, who was hired in March.
Rad Power's filing is in advance of completing a sale of the company and less than a month after it said it could not afford a recall on some of its older lithium-ion batteries that the Consumer Product Safety Commission deemed unsafe.
It listed estimated assets at $32.1 million and estimated liabilities at $72.8 million. Its inventory of e-bikes, spare parts, and accessories is listed at $14,226,874.73. Its top unsecured claim is with the U.S. Customs and Border Protection for $8.4 million in tariffs.
Gross revenue in the past two years fell 52%, from $129,828,790.57 on Dec. 31, 2023, to $63,326,482.86 at the time of the filing.
