Peter Woods has stepped down as president and CEO of Dorel Sports, Bicycle Retailer & Industry News has reported.
The decision was mutually agreed on, according to a Pon Holdings release, and Woods will continue working for Pon.Bike as a special advisor until the end of the year. In this role, he will continue to support the integration within Pon.Bike.
Woods joined Dorel Sports in March 2012 as CFO and was appointed president and CEO in May 2014. Before joining Dorel Sports, he held a series of senior positions in finance, strategy and mergers and acquisitions for Diageo in London and Connecticut.
Dorel Industries completed the previously-announced sale of Dorel Sports, its bicycle segment, to Dutch mobility group Pon Holdings earlier this year for $810 million. At closing, Dorel said it received net proceeds from the sale of approximately $735 million, which it will use for payment of a special dividend of $12.00 per share.
The transaction consisted of the sale by Dorel of 100% of the shares of its indirect wholly-owned subsidiary companies, comprising Dorel Sports as well as certain related assets.
Following the news, Martin Schwartz, Dorel president and CEO, said: “We are very pleased to have completed the sale of Dorel Sports to a great company like Pon. On behalf of the board of directors, I again thank the Dorel Sports team for their commitment to Dorel and their great achievements.
“We believe that with this sale, Dorel has realised full value for Dorel Sports, for the benefit of Dorel and our shareholders.”
Dorel’s board of directors declared a special dividend of $12.00 per share on Dorel’s outstanding Class B Subordinate Voting Shares and Class A Multiple Voting Shares, representing an aggregate amount of approximately $390 million.
Dorel Sports’ portfolio of brands includes Cannondale, Schwinn, Mongoose, GT, Charge, Caloi and KidTrax. Pon.Bike’s portfolio includes Gazelle, Kalkhoff, Focus, Santa Cruz, Cervélo, Swapfiets, Urban Arrow, BBB Cycling, Lease a Bike, Union, Reserve Wheels and Juliana.