PRESS RELEASE: Stan Day and the SRAM Board of Directors are pleased to announce the promotion of Ken Lousberg from COO to CEO. Ken has been COO of SRAM for the past 18 months. This will be effective January 1, 2019. Day will continue to be Chairman of the Board of Directors.
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.
Day has spent more than 31 years leading SRAM through continual growth, brand acquisitions, and global expansion. The company was founded in 1987 with a single product, Grip Shift, and today features hundreds of component SKU’s from SRAM, RockShox, Zipp, Truvativ and Quarq.
Day was reflective during his announcement, stating, “It’s been a thrilling ride. When we started we wanted to create and manufacture components that inspired cyclists. We began by making road Grip Shift that didn’t sell very well, and then a mountain bike Grip Shift that took the market by storm. From six people in a dusty factory to over 3,000 global team members offering leading drivetrain, brake, and suspension systems. I am super pleased that Ken has joined the company. It is clear to me that he has the skillsets and experience base to help lead us to the next level. SRAM will continue to be a private company owned by the Day Family and the management team. It will continue to focus its innovation and business within the bike industry.”
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 $2 billion in revenue and more than 5,000 employees.
“Stepping into the role of CEO is exciting. I feel honored to be asked to lead such a great team, in such a great industry,” Lousberg said. “Stan and the leadership team have provided a great platform to continue SRAM’s arc of growth and we will continue to focus on our customer’s needs, leading product innovation, and maintaining our commitment to our global team and partners.”
SRAM is a manufacturer of innovative bicycle components that was founded in Chicago, Illinois, in September 1987, with the invention of its first product, Grip Shift. Throughout its 31-year history, SRAM has focused on its product development and innovation expertise in all bicycling disciplines. SRAM has also acquired some of cycling’s most exciting brands. With 3000-plus employees, offices and manufacturing in 15 countries, SRAM and its brands RockShox, TRUVATIV, Zipp and Quarq is the second largest manufacturer of bike components in the world.