LAGUNA BEACH, CA (BRAIN) — With plans to launch a new industry venture, Crankbrothers president Andrew Herrick will leave the company and parent Selle Royal Group at the end of June 2013.
Herrick will continue his day-to-day role at Crankbrothers and as vice president at Selle Royal North America as he assists in the search for his replacement. The plan is to have several months of overlap between Herrick and his replacement to ease the transition.
Employees were informed of the move Thursday.
“I have been fortunate to have owned and sold two companies in the bike business so far, first with Pedro’s [with partner Bruce Fina] and then Crankbrothers [with partners Carl Winefordner and Frank Hermansen]. Soon, I want to find out if I have a third one in me,” Herrick said in a release. “I believe so much in the bicycle and the bike business and I think there are some amazing opportunities for the next five to 10 years. It has always been my personality to pursue things that inspire me and this is my plan once again.”
In an interview with BRAIN on Thursday night, Herrick declined to reveal what his next venture might be. He did say, however, that he felt it was his duty not to pursue a new business until he had made a clean break from Selle Royal.
“It was just fair for me to disclose it. I didn’t want to pursue my own thing while I still had responsibility there,” he said. “If I didn’t have wanderlust, it’s a job I’d like to do for a long time. But those who know me well know I have a wandering eye.”
Nicola Rosin, general manager of Selle Royal Group, called the timing of the transition fortuitous as Crankbrothers is performing well, with business on track to grow more than 35 percent this season.
“We know Andrew very well — he is an entrepreneur by nature. When he informed us of his plans to eventually leave, we were not surprised, and are happy to be working in such a great way for the next six months to maintain the continuity of the company,” said Rosin.
Herrick was still with Pedro’s in the late 1990s when Crankbrothers first caught his eye with its Speed Lever telescoping tire lever. After selling Pedro’s and working as brand vice president at GT Bicycles, he was courted by Crankbrothers founders Winefordner and Hermansen to join as third partner in 2002.
By that time Winefordner and Hermansen had introduced the Eggbeater cross-country mountain pedal, a game changer for the company, as well as a mini-pump and a pair of multi-tools. Over the ensuing years, Crankbrothers developed a full pedal line and entered a slew of new product categories, including handlebars, stems, headsets, saddles, seatposts, wheelsets and hydration packs.
Crankbrothers merged into Selle Royal Group in 2008, with Herrick, Winefordner and Hermansen all becoming shareholders. Additionally, Herrick joined Selle Royal’s board of directors. On Thursday, he declined to say whether he would continue to own an interest in the company after he leaves.
Since the merger with Selle Royal, Crankbrothers’ revenue has more than doubled and staff has grown to almost 50 people in Laguna Beach and Taichung, Taiwan, according to a company statement. Selle Royal also owns Fizik, Brooks and its eponymous saddle and accessories brand.
