After 48 years at the helm of the bicycle industry's largest brand, Specialized founder Mike Sinyard is stepping down as CEO and handing over management to Scott Maguire, former COO of Dyson.

Sinyard founded Specialized in 1974, initially as a U.S. distributor for the Italian brand, but the company grew to become one of the largest brands in the industry and the most dominant player in the World Tour peloton of bicycles. While taking over the day-to-day operations of the business, Sinyard will continue Specialized in the newly created role of "Founder, Chairman, and Chief Rider Advocate."

"I have more energy than ever. With Scott joining me in management, I can focus on better serving our riders and providing them with products, services, and experiences they could only dream of."

Maguire comes to Specialized from Dyson, where he served as senior vice president of engineering and operations and most recently as chief operating officer of the British technology giant. He holds a master's degree in product design engineering from the University of Glasgow and the Glasgow School of Art.

"Mike and I hit it off from the start. We both come from hardworking families, which gave each of us the belief that with hard work, ingenuity, and collaboration, dreams can come true," Maguire said. I am very excited about the opportunity to lead this esteemed brand into the future. There is no stronger team in the cycling industry, and Specialized's innovation engine, products, and distribution are unmatched. We have everything we need to deliver products, experiences and services that matter to riders around the world and impact positive global change."