Philip Malliet

The vision that Phil Malliet and his team have established for Hayes Performance Systems — an off-road vehicle manufacturer — has four pillars.

The first is growth, both organically and through acquisitions, which projects to result in a global company in excess of $200 million annually. The second pillar is to diversify Hayes’ customer base and its channels to market. The plan is to increase the existing original equipment manufacturer business, develop and grow Hayes’ e-commerce initiatives and establish the Hayes family of brands as industry leaders. The third pillar is to establish a manufacturing footprint in Europe for both Hayes’ bike and power businesses, resulting in greater production capabilities, speed to market and cost competitiveness. The final pillar is to communicate the company’s expertise and capabilities to achieve a leadership position in each market that Hayes serves.

“Achievement can be found when you equip your team with the right tools and opportunities, then get out of their way to let your team succeed,” said Malliet, president and CEO of the company. “If issues arise, be on the frontlines; but when you and your team find success, give credit to your team.”

Malliet has a proven history of growing and sustaining companies in challenging times. During the Great Recession and the COVID-19 pandemic, Malliet set a vision to not just survive but emerge from those challenges in growth mode. Malliet led Lucas Milhaupt, a brazing and metal joining solutions company, through the 2008 recession, keeping the business profitable. Under Malliet’s leadership, Lucas didn’t just cut costs but grew its aluminum alloy brazing business based on an acquisition Malliet made prior to the recession for $3 million that grew to reach $20 million annually.

On the heels of his success at Lucas, Malliet joined Hayes just as the company lost its primary account, which represented over 70% of the company’s total business. Malliet used the same philosophy he applied at other organizations by setting a strategic vision for the business, which guided Hayes to not only make up for that lost account but also grow the business. Under Malliet’s stewardship, Hayes Performance Systems’ bicycle business has doubled, and the company’s power business has diversified markets, leading to more profitable margins.

“What makes Phil Malliet a titan in his industry is his consistent ability to come into an organization, evaluate, hire the right people, set a vision, and develop a strategy to get his team to their goal and then lead the execution,” Malliet’s team said. “Phil does all this all while remaining consistent to his and the company’s core values.”