Scott Sports has replaced Beat Zaugg as its board of directors appoints Juwon Kim as the new CEO.

Bicycle Retailer reports in a move said to “refresh Scott’s development to become a world-class manufacturer in bikes and other outdoor sport categories”, Scott Sports will now be led by a previous board of directors member Juwon Kim. The new CEO Juwon Kim will be advised by Steve Meineke and Mathias Seidler, who will offer their insights about the bicycle and outdoor gear industry.

Juwon Kim has 17 years of experience in investment banking and was head of growth strategy and mergers and acquisitions at Scott Sports’ majority shareholder Youngone Corp. Recently, the Youngone Corp loaned Scott Sports 150 million Swiss francs ($166 million), with 100 million Swiss francs due on Jan 2 2025.

Scott Sports’ press release announcing the change in CEO said: “The board of directors of Scott emphasizes that the long-standing commitment of majority shareholder Youngone to Scott remains central and is not called into question.”

Kihak Sung, Youngone chairman and a member of Scott’s board said: “Youngone has been a strong partner and long-term shareholder of Scott. We firmly believe in Scott, its state-of-the-art products, as well as the dedication and quality of its employees. With this change, Scott will strive to gain growth and market share in the future, leaving behind the current crisis in the industry.”