"The entire Wycliffe family is devastated by this tragic accident," Wycliffe USA President Bob Creson said in a press release issued by the organization.
"Forrest was a great champion for Wycliffe and a tireless advocate for the millions of people around the world who await God's Word in their heart language," he added.
"Our thoughts and prayers are with Forrest's beloved wife, Kristen; their sons, Chipper, Nelson and Spencer; and their daughter-in-law, Kristen. We pray that they would feel God's peace and comfort during this difficult time."
As the Florida Highway Patrol told the Orlando Sentinel, Flaniken, 53, was traveling south on his bicycle on Avalon Park Boulevard in Orlando when he was struck around 2:44 p.m. Sunday by Anthony Michael Moffa, 18, who was driving a 2010 Ford Fusion.
The FHP reports that Moffa struck Flaniken with his car, and subsequently Flaniken was thrown from his bike as Moffa struck a nearby tree.
The teen reportedly tried to flee the scene of the crime, but he was detained by bystanders until police arrived.
Moffa was later arrested and charged with DUI manslaughter, vehicular homicide and leaving the scene of a crash, the FHP told the Orlando Sentinel.
Authorities believe the teen was under the influence of drugs when he struck and killed Flaniken.
According to a press release by Wycliffe, Flaniken served the company for 22 years, holding an array of positions and overseeing the transplant of its headquarters from Huntington Beach, Calif., to Orlando in 1999.
As previously mentioned, Flaniken most recently served as the senior vice president for Wycliffe Bible Translators USA. He also served as chief financial officer for Wycliffe USA and chairman of the board of the Wycliffe Foundation, which works to provide bibles and literacy lessons to those wishing to learn about Christianity around the world.
Flaniken's biography on Wycliffe's website indicates that he received his doctorate degree in educational leadership from the University of Central Florida, his MBA from Vanderbilt University, and his BA from Davidson College.
Flaniken is survived by his wife, Kristen, three sons, and daughter-in-law. Memorial arrangements have yet to be made.
Wycliffe Bible Translators is a nonprofit, nondenominational organization dedicated to providing Bible translations in all languages.