PRESS RELEASE: SCOTTSDALE, Arizona USA— Paul Lew, a cycling industry innovator for the past three decades, has accepted the position of CEO in the recently restructured edco cycling components company.
For approximately the last decade, the historic Swiss brand was controlled by Edco Engineering BV in the Netherlands, with sales, distribution and development through independent edco entities around the world.
In early summer, a major supplier filed a bankruptcy suit against Edco Engineering BV for failure to meet its financial obligations. In August, the filing was approved by the Netherland’s bankruptcy courts and the company’s assets were subsequently purchased by a leading manufacturer of premium composite sporting goods.
Lew was originally CEO of EDCO USA, completely independent from the now bankrupt European company. Although both companies shared the same suppliers, EDCO USA was not in debt to any of them.
This month, soon after the bankruptcy became public, the new owners invited Lew to join the company as global CEO.
Lew will now consolidate the brand as a single entity, and relocate edco global headquarters to Scottsdale, Arizona USA.
Janey Tiernan, a New Zealander currently based in Sydney, Australia is the Chair for the private equity team behind the new edco. Tiernan, who holds Bachelor Degrees in both HR Management and International Business, represents a group with comprehensive proven success in manufacturing and finance.
Lew and Tiernan will attend Eurobike and Interbike to re-affirm existing edco relationships, and welcome new customers to the edco brand. Lew remains vice-chairman of the WFSGI wheel committee, and will attend the committee’s meetings at Eurobike in that capacity.