In GIVISIEZ, Switzerland, the Scott Sports Board of Directors has decided to replace CEO Beat Zaugg with Juwon Kim in order to enhance the development of Scott as a leading manufacturer in bikes and other outdoor sport categories. Kim brings with him 17 years of experience in investment banking, as well as experience in start-up ventures and growth strategy.
Youngone Corp., the majority shareholder of Scott Sports, provided a loan of 150 million Swiss francs to its subsidiary. Despite the change in leadership, Youngone has expressed confidence in the current management and employees, emphasizing their commitment and professionalism during the transition.
Scott Sports has seen profits in recent years, with sales totaling $628 million in 2022 and $695 million in 2021. Youngone is a supplier to various well-known brands and is the majority owner of Outdoor Research. It acquired a 20% share in Scott in 2013, which was increased to 50.01% in 2015. The company has factories in multiple countries including Korea, Bangladesh, China, Vietnam, and Thailand. With the new leadership in place, Scott Sports aims to grow and increase market share in the future, overcoming the current challenges in the industry.
