New CEO Takes the Helm at Scott Sports: Youngone Corp. Supports Growth in Bike and Outdoor Industry

Scott Sports Board of Directors in GIVISIEZ, Switzerland has decided to replace CEO Beat Zaugg in order to enhance the development of Scott as a leading manufacturer in bikes and other outdoor sport categories. Juwon Kim, a member of the board since 2022, will be taking over as the new CEO. Kim brings with him 17 years of experience in investment banking, as well as experience in start-up ventures and growth strategy.

The decision to replace Zaugg comes after 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. The company’s chairman, Kihak Sung, reaffirmed Youngone’s long-standing commitment to Scott and its belief in the quality of its products and employees.

Youngone is a supplier to various well-known brands and is the majority owner of Outdoor Research. In recent years, Scott Sports has seen profits with sales totaling $628 million in 2022 and $695 million in 2021. With this latest investment by Youngone in Scott Sports, it is expected that the company will continue to grow and increase market share in the future. With new leadership in place at Scott Sports, it aims to overcome current challenges facing the industry and achieve even greater success.