Scott searches for new CEO
It's a veritable business thriller in the bike industry: at Easter 2024, Scott's majority shareholder, the South Korean company Youngone, will remove long-time Scott patron Beat Zaugg as CEO. Juwon Kim, a Youngone employee with professional experience as an investment banker and virtually no contact with the bicycle industry, will be appointed interim CEO. With Steve Meineke and Mathias Seidler, Kim is to receive backing, both of whom have experience at Specialized, Raleigh and Derby Cycle.
Zaugg had initially resisted his removal as CEO, but this is now certain. The conflict even culminated in a police operation at the Scott headquarters in Givisiez at the beginning of April 2024. A new approach is now emerging: As industry insider Laurens Van Roijen reports on Showdaily, headhunter agency Spencer Stuart has been entrusted with the task of searching for and finding a new CEO for Scott. According to internal sources, Zaugg himself has been banned from Scott - after building up the company for over 30 years.
The footsteps Zaugg is leaving behind are huge, however. According to the job advertisement, Scott is looking for a visionary new CEO to take the company to the next level. Filling the position seems urgent and applications must be submitted by May 15, 2024.
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