Mike Sinyard passes Specialized CEO torch, larger owned store network to follow?

Mike Sinyard, the Founder and CEO of Specialized Bicycles, has announced the passing of the CEO torch to a former Dyson executive, Scott Maguire.

Now in his 70s, Sinyard has steered Specialized from humble beginnings to becoming an industry leader within the space of 48 years at the helm. As of now, he steps into a role badged Founder, Chairman and Chief Rider Advocate.

“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,” Sinyard said of the change.

Maguire brings experience from globally renowned Dyson, where he worked for 18 years in positions such as Senior Vice President of Engineering, as well as COO for the past two years.

“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,” said Maguire. “We have everything we need to deliver products, experiences, and services that matter to riders around the world and affect positive global change.”

Will Specialized’s Omni-channel approach run deeper at retail?

He takes the reigns at a time of transition for the Specialized brand, which created waves in the bike industry of late by announcing a direct to consumer channel to run alongside its B2B operations. Though the brand is by no means the first to offer this route to market (in fact many would argue it’s a one-way traffic trend) it did nonetheless quickly become a talking point for the bike industry that a heritage bike shop brand was diverging in this way.

A contract letter handed to a retail partner and seen by CyclingIndustry.News this week shows that, while Specialized’s omni-channel market approach may only just be finding its feet, there is another as yet lesser talked about strand to the brand strategy; that is buyouts of key accounts with desirable retail locations, as competitors have been increasingly doing.

Within the letter, which has both Mike Sinyard and USA Sales & Business Development Leader Jesse Porter’s signatures pre-inked at the base, Specialized encourages partners to sign an agreement to notify the brand if the store owner intends to sell.

The contract is short and sweet, but shows Specialized wish to reserve the right to make a counter offer within 90 days on retail premises that it desires to keep within its retail network.

Industry commentators have begun to look in depth at the balance of retail presence and consumer reach between the big brands, noting an intensifying fight for retention of prime retail assets, in particular in the USA. Rick Vosper has this piece looking closer for BR&IN.

Research undertaken in the UK over the past year by CyclingIndustry.News revealed that around 11% of UK independent bike stores or workshops have it in mind that they may sell their business in the near future. To purchase this insight, email us here.