SAN DIEGO, CA (BRAIN)—Al Nordin will step down as president of Fallbrook Technologies' bicycle division at the end of the year as the company's San Diego office moves to corporate headquarters near Austin, Texas.
Fallbrook is best known for its NuVinci 360 continuously variable transmission hub and Harmony auto shifting drivetrain.
With the majority of the company's 90 employees already in Texas, including all the engineers, product management and testing, it no longer made financial sense to have a satellite location in San Diego for a small number of executives.
Nordin, who will remain a shareholder in Fallbrook, decided not to relocate to Texas, and also felt working off-site in San Diego would require too much time in airplanes commuting to headquarters. With a son in high school, he made the decision to stay closer to home.
"For me, it is a good time to break away and look for my next deal," he said, "I'm not sure what that is yet."
Nordin's background is mostly in sales and marketing for automotive component suppliers, but, like many, he fell hard for the bike business after spearheading Fallbrook's new bike division more than three years ago. He is open to staying in the industry if he finds an opportunity with a unique value proposition, or will perhaps seek an entrepreneurial venture.
"I'm keeping my eyes wide open," he said.
Nordin said he is confident in the team he has built and proud of the strides Fallbrook took with NuVinci is a short period of time. Fallbrook first adapted the CVP technology for bikes eight years ago, and spun off the bike division with Nordin at the helm in 2009. He has been a part of Fallbrook's efforts in cycling since day one.
NuVinci has steadily inched its way into the market as a viable competitor among internal gear hub suppliers with spec on 200 bike models globally. Fallbrook's two-wheeled division is self-sufficient, profitable and takes up about 20 percent of company resources. It doubled its business last year and is on track for record growth this year, Nordin said.?This year, it has picked up about 30 OEs to spec Harmony on 2014 e-bikes, and is working with suppliers like Gates Carbon Drive, Bosch and FSA (Patterson derailleur) to incorporate their products with NuVinci's.
While Fallbrook searches for Nordin's replacement, the company's David Hancock, executive vice president of business units, will head the bike division.