Cannondale is heading into the Interbike trade show and the 2004 season with a renewed dedication and focus on the marketplace that are reflected in organizational changes to its senior management team. The new team includes previously announced hires John Doerr (Chief Operating Officer) and Paul Francese (Chief Financial Officer), and it reflects additional changes announced today.

Several long-term employees have been promoted to new positions, including David Manchester, the company’s new Vice President of Sales, Steve Metz, now Vice President of Sourcing and Product Management, Jean Benson, promoted to Vice President of Human Resources, and Rick Hinson, named Director of Materials. Manchester replaces Dan Alloway, who, along with Vice President of Marketing Scott Montgomery and Vice President of Purchasing Len Konecny, has left Cannondale. Matt Mannelly has joined the company and will oversee all sales, marketing and promotional efforts as President of the Cannondale Brand. In addition to his title as COO, John Doerr will also serve as Cannondale’s President of Operations.

David Uri, a Director of Cannondale and a Partner at Cannondale’s parent company, Pegasus Capital Advisors, L.P. commented on the moves. “These changes provide us with the internal organization needed to realize our goals of strengthening and growing Cannondale, and making us a more consumer and market-driven company,” said Uri. “We have great admiration and appreciation for what Dan, Scott and Len did to take Cannondale to this level, and we certainly wish them the best.”

After outlining the new developments, Uri was quick to emphasize several key aspects of Cannondale that won’t be changing. “As we’ve said all along, we remain absolutely committed to the specialty bicycle retailer distribution channel, to Cannondale’s positioning as a premier, high-performance brand, and to operating our factory in Bedford, Pennsylvania. The investments we’ve made in our new management structure, and in our Bedford factory, demonstrate our commitment to strengthening the Cannondale brand. Our key strategy is to enhance and expand upon what Cannondale has done so well historically, not to take the company in any radically new direction.”

Of the just-announced promotions, Manchester, Metz, Benson and Hinson have a combined total of over 50 years tenure with Cannondale, while Mannelly brings a strong sporting goods industry background to the company. He has previously served as Chief Marketing Officer for the United States Olympic Committee. He also held several management positions with Nike. In addition, Mannelly was Director of Marketing for Gatorade and was responsible for the successful “Be Like Mike” campaign featuring Michael Jordan.

Uri concluded by inviting Cannondale’s retailers and vendors to a meeting scheduled for Monday, October 13th at the Interbike show in Las Vegas. “We’ll be reviewing the recent changes, introducing the new members of the management team, and discussing our vision for the future. We look forward to seeing our dealers and vendors there.”