SRAM co-founder and CEO, Stan Day, is moving to a new role in the company as Chairman of the Board of Directors, while Ken Lousberg takes over as CEO.
Day has led SRAM for 31 years, with Lousberg operating as COO for the past 18 months.
In a statement, Day said: “It’s been a thrilling ride. When we started we wanted to create and manufacture components that inspired cyclists. We began by making road Grip Shift that didn’t sell very well, and then a mountain bike Grip Shift that took the market by storm. From six people in a dusty factory to over 3,000 global team members offering leading drivetrain, brake, and suspension systems.
“I am super pleased that Ken has joined the company. It is clear to me that he has the skill sets and experience base to help lead us to the next level. SRAM will continue to be a private company owned by the Day family and the management team. It will continue to focus its innovation and business within the bike industry.”
Lousberg graduated from Colorado State University with a degree in mechanical engineering, previously holding several senior executive roles. Before joining SRAM, Lousberg served as the president of Terex Cranes and Utilities, which represented over $2 billion in revenue and more than 5,000 employees.
He said: “Stepping into the role of CEO is exciting. I feel honoured to be asked to lead such a great team, in such a great industry. Stan and the leadership team have provided a great platform to continue SRAM’s arc of growth and we will continue to focus on our customer’s needs, leading product innovation, and maintaining our commitment to our global team and partners.”
The changes became effective on 1 January.
In August last year, SRAM announced the appointment of Nicole Piasecki to its board of directors.