Zigmont ousted from Pedro's

Christopher Zigmont's time as CEO of Pedro's is over after shareholders seek changes and a quicker return on investment
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Christopher Zigmont has been with lubes-to-tools brand Pedro's since February 2006. He was formerly the sales and marketing director at Mavic/adidas Cycling.

Pedro's was founded by Bruce Fina and Andrew Herrick in 1989, and sold to Swix Sport USA in 1997. In 2008, a partial MBO saw ownership switch to Sports adVentures International S.A. (SaVI) of Lausanne.

In an email, Zigmont said:

"Larger economic issues that began in late 2008 have until very recently effected many in our industry, and Pedro's was no exception. We had our struggles along with everyone and fought hard through 2009.

"We worked more than six months to secure more investment, and were successful in December. We laboured very hard to get things on track again through the winter and we were nearly there. Pedro’s is truly on a good path.

"Unfortunately, for the people who put up the most of money, it wasn't fast enough in spite of the enormous effort and superb promise. The wind has changed direction. As is usually the case when investors are unhappy and want demonstrable change, out goes the CEO.

"And out I went.

"I learned a lot, and did a lot. Worked with great people, and left the place (Pedro's and the planet) better than I found it. Wish them well, as I have."

Lars Hellsten, chairman of the Pedro's board said: "We thank Chris for his significant contributions to Pedro's during the last five years.

"Chris managed strong accomplishments in taking Pedro's from a division within a larger company to a stand alone and fully-fledged company. His passion for the brand and bicycle will live on at Pedro's."

Effective immediately, the Pedro's board promoted Matthew Simpson to Chief Operating Officer and interim CEO.

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