The new scooter CEO is backed by Bird Board
New CEO of "Bird"
In a "long-planned" reorganization that further strips founding CEO Travis VanderZanden of authority, micro-mobility company Bird is elevating its president, Shane Torchiana, to the position of CEO.
The board of Bird also announced two other appointments: former Archer Aviation CFO Ben Lu has joined as Bird's new CFO, replacing Yibo Ling in the position, and Bird engineering executive Lance Bradley has been promoted to chief technology officer, replacing former product head Justin Balthrop in the position. Despite the changes, VanderZanden will continue to serve as Bird's board chairman.
Why was VanderZanden stepped down from his presidential role
In less than three months, VanderZanden held dual leadership positions at Bird as president and CEO. However, the seasoned startup executive gave up his presidency in June after Bird received a delisting warning from the New York Stock Exchange.
When Bird went public by combining with SPAC last year, the share price was $8.40, but a lot has changed since then. The firm that rents scooters ended regular trading today at a depressing $0.40 per share, with a market cap of about $100 million. To put Bird's current valuation in perspective, PitchBook reports that the company has raised a staggering $1.14 billion.
Experienced Huge Revenue Loss
Bird has recently experienced hardship. The company lost $310 million in the second quarter of 2022, but it also witnessed a resurgence in quarterly revenue to $76.7 million, a notable increase of (28%) from the same quarter the previous year.
Bird described the leadership reorganization as a step along the way to profitability. VanderZanden described the reorganization as a "long-planned shift" and stated that it "reaffirms our commitment to positioning Bird for long-term profitable growth."
He added, “Under new leadership, the company will continue to prioritize cost optimization, without losing sight of our long-term commitment to making cities more livable and sustainable”.