A press release went out via a media agency, and it contains industry explosives: Beat Zaugg has been dismissed as CEO, Juwon Kim has been appointed interim CEO at Scott, with the backing of Steve Meineke and Mathias Seidler, two bike and outdoor industry experts. However, Zaugg denies this announcement to Ride: he is still CEO of Scott.

Now Juwon Kim, from Scott majority shareholder Youngone, announces to Ride on April 1, 2024: "We understand that it may be difficult for Mr. Zaugg to accept his resignation, given his long-standing role as CEO." But this is ultimately legally irrelevant: The company's highest decision-making body is the board of directors, Kim makes clear, and the board of directors is clearly authorized to terminate the employment relationship with the CEO.

Kim gives further details: "According to the commercial register, Youngone's delegates, Messrs Sung, Shin and Kim, constitute the majority of the board of directors of Scott Corporation, and Messrs Tan and Lee are the only board members of the operating company Scott Sports. All of the aforementioned board members have decided to dismiss Mr. Zaugg as CEO with immediate effect by way of summary dismissal, and this dismissal was duly communicated to Mr. Zaugg last week."

At this time, Mr. Kim does not wish to comment on the reasons that led to this dismissal. Mr. Kim has been a member of the Board of Directors of Scott Corporation since 2022. He has professional experience in investment banking, for example at Credit Swiss, and is the co-founder of a start-up company in South Korea.

On April 2, Zaugg confirmed to Ride that he was still CEO at Scott. However, on Swissinfo.ch it sounds different: Zaugg is aware of his resignation, but is still combative. The 66-year-old from Bern also told Ride and Swissinfo, or the news agency AWP, that Youngone does not understand Scott's corporate culture and the bike and outdoor industry and that he is fighting against his dismissal. Zaugg told Ride: "I have a valid contract and will continue to work."

Statement from Juwon Kim to Radmarkt:
radmarkt.de/scotts-einsetzter-interim-ceo-widerspricht-beat-zaugg