Goetzmann ousted from Cycleurope

Tony Grimaldi, the 34 year old son of Salvatore Grimaldi, chairman of the Cycleurope AB board and owner of Grimaldi Industri AB, has been appointed president and CEO of the Cycleurope Group. He was previously the vice-president, having being groomed for the top job via stints at Bianchi and other branches of the Grimaldi bicycle empire.

Alain Goetzmann, Cycleuropes president/CEO since 1996, is to leave the company by the end of the month.

A spokesman close to Goetzmann said: There will a general industry feeling of regret at the loss of Alain. He sat on various trade committees and was very knowledgable. He was a good man to have in charge of things.

A press release from the Swedish HQ of Cycleurope/Grimaldi Ind AB quotes Salvatore Grimaldi as saying:

"During a period characterized by a heavy fall in demand for bicycles, we have rapidly acquired and integrated several new companies and at the same time reduced the cost structure considerably. Since Monark AB acquired the French bicycle group Cycleurope SA in 1996, Alain Goetzmann has successfully carried out our restructuring process during this difficult time. However, now when the market has stabilized and Cycleurope has become a family company, Mr Goetzmann and I have agreed that this is a good moment for Tony Grimaldi to take over.

The Cycleurope Group is a wholly-owned subsidiary within the Grimaldi Industri Group.

Alain Goetzmann was the chief supporter of EBMAs recent dumping case against China and Taiwan, which had to be withdrawn after almost every company apart from Cycleurope refused to cooperate with the European Commissions dumping investigators.