Stan Day, SRAM co-founder and a major shareholder, has decided to step down as CEO after 31 years of leadership - a wild ride that saw the Chicago based manufacture begin life with a single product - a molded-plastic twist-shifter for road bikes - then grow into a multinational corporation with over three thousand employees and become a major force in today's cycling industry.
SRAM has announced that Ken Lousberg had been appointed as his successor beginning January first this year, and Stan Day will remain as the Chairman of the Board. Day says the transition of leadership will be seamless, and that we shouldn't expect any big changes in the near future. Reportedly, SRAM is a privately owned corporation, with most of its shares owned by the Day family and the company founders, who's initials were used to create the now famous SRAM acronym.
The announcement was made internally in October. Day and Lousberg met with employees at all of SRAM’s facilities to ensure a “firm hand-off of leadership,” Day said.
About the New CEO
Ken Lousberg graduated from Colorado State University with a degree in Mechanical Engineering and received his MBA from the University of Colorado. He has served in numerous senior executive roles. Before his move to SRAM Lousberg served as the president of Terex Cranes and Utilities, which represented over USD 2 billion in revenue and more than 5,000 employees.
Why step down after 31 years of success? Well that is the (multi) million dollar question which has yet to be officially answered. Under Day's leadership, SRAM achieved enviable growth and provided a model for international cycling businesses that demonstrated that a conglomeration approach to building a multinational manufacturing and marketing corporation could be run successfully as a unified work force with a sense of humanity
that reached beyond the bottom line. We've reached out to Stan, Ken, and others to understand what this means for the future of SRAM. More as we have it.MENTIONS: @SramMedia