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Bicycle Retailer has reported that Mike Sinyard, the founder of Specialized, has stepped down from his role as the CEO of the company and become the “Founder, Chairman and Chief Rider Advocate” at the company.
The news was announced at the same time as Scott Maguire stepping into the role of CEO. Maguire had worked at Dyson for the previous 18 years.
In a statement released to the media, Sinyard said that he would remain as the brand’s “visionary leader” but that he had been searching for a new CEO for a number of years.
“I have been looking for the ideal leader for Specialized for years; Scott is perfect because he integrates design thinking, engineering capability, supply chain expertise, and operational excellence to drive meaningful innovation to customers and employees. On top of that, Scott brings together and leverages the strengths of diverse people and cultures to create simplicity out of complexity.
“I have more energy now than ever … With Scott coming on board to run the business, I can focus on better serving riders, providing them with products, services, and experiences they’ve never dreamed of.
“Specialized is what it is today because of our people, our riders, and our retailers … Learning is part of who we are. That’s always been part of the Specialized way.”
Sinyard founded the company 48 years ago, back in 1974, first working with components before expanding the company into one of the biggest bike brands in the world. The company has created several iconic bikes, including the Stumpjumper, Diverge, Shiv, and Tarmac.
The company works with several high-profile professional road teams including Bora-Hansgrohe, SD Worx, Quick-Step Alpha Vinyl, and TotalEnergies.
“Mike and I clicked from the go. We both came from hardworking families which gave each of us the belief that with hard work, ingenuity, and collaboration dreams become reality,” said Maguire.
“I am extremely excited about the opportunity to lead this revered brand into the future. There’s never been a team this strong in the bicycle industry and the Specialized innovation engine, product, and distribution is unmatched. We have everything we need to deliver products, experiences, and services that matter to riders around the world and affect positive global change.”