Micromobility company Bird is pushing president Shane Torchiana to the position of CEO in a “long-term plan” reform that will see founder chief executive Travis VanderZanden further stripped of power.
Bird’s board of directors has announced two other appointments. Archer Aviation Chief Financial Officer Ben Lu has joined as Bird’s new CFO, taking over the role of Yibo Ling, and Bird Engineering Executive Lance Bradley has been promoted to Chief Technology Officer. Amid the turmoil, VanderZanden remains chairman of Bird’s board of directors.
Less than three months ago, VanderZanden was both president and CEO of Bird, but has been a startup executive for many years. resigned from his role as president in Juneafter the bard is hit Delisting Warning From the New York Stock Exchange.When Birds Publicly Attend Merged with SPAC The company opened at $8.40 per share last year, but a lot has changed since then. The scooter rental company, with a market capitalization of around $100 million, closed normal trading today at a disastrous price of $0.40 per share. Looking at the current cap, Bird says he has raised a whopping $1.14 billion so far. pitch book.
Bird’s hasn’t been feeling well lately.Office Burned $310 million Quarterly revenue recovered to $76.7 million in the second quarter of 2022. This is a notable (28%) increase from the same quarter last year.
Byrd organized a management restructuring as part of a road to profitability. “The organizational changes announced today reaffirm our commitment to positioning Bird for long-term profitable growth.” Vander Zanden saidcalled the reorganization a “long-term planned transition”.
“Under our new leadership, we will continue to prioritize cost optimization without losing sight of our long-term commitment to making cities more livable and sustainable,” he added.