The founder and long-standing CEO of Specialized, Mike Sinyard, has stepped down from his role at the company.
After 48 years in charge, Sinyard has stepped away from his CEO position, as he hands over the reigns to Scott Maguire, the former chief operating officer of Dyson.
Sinyard, who founded Specialized as a US distributor in 1974, will continue with the brand under a newly-created job title – founder, chairman and chief rider advocate.
The 72-year-old said: “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.”
Maguire previously worked at British-founded, Singapore-based technology giant Dyson, where he has worked for 18 years, most recently as COO.
He said: “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.”
“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.”
Specialized, based in Morgan Hill, California started out as an importer of Italian bike parts into the US, but quickly branched into component production in 1976, starting with tyres.
After introducing its first bikes in 1981, Specialized has become one of the biggest names in the cycling market across all disciplines.
Earlier this year, Specialized announced it would be selling bikes direct to consumer for the first time, creating waves across the trade as retailers held mixed reactions to the development.