The company said Sinyard "remains fully engaged as the brand's visionary leader." 

"I have been looking for the ideal leader for Specialized for years; Scott is perfect because he integrates design thinking, engineering capability, supply chain expertise, and operational excellence to drive meaningful innovation to customers and employees. On top of that, Scott brings together and leverages the strengths of diverse people and cultures to create simplicity out of complexity," Sinyard said in a statement Wednesday.

Mike Sinyard

Maguire was at Dyson for 18 years in various leadership positions including SVP engineering & operations, and culminating in his role as chief operating officer, a post he has held for the past two years. He holds a master's degree in Product Design Engineering from the University of Glasgow and Glasgow School of Art.

"Mike and I clicked from the go," Maguire said. "We both came from hardworking families which gave each of us the belief that with hard work, ingenuity, and collaboration dreams become reality.

"I am extremely excited about the opportunity to lead this revered brand into the future. There's never been a team this strong in the bicycle industry and the Specialized innovation engine, product, and distribution is unmatched. We have everything we need to deliver products, experiences, and services that matter to riders around the world and affect positive global change."

Sinyard said, "I have more energy now than ever ... With Scott coming on board to run the business, I can focus on better serving riders, providing them with products, services, and experiences they've never dreamed of.

"Specialized is what it is today because of our people, our riders, and our retailers ... Learning is part of who we are. That's always been part of the Specialized way."