Bird board backs new scooter boss

Micromobility firm Bird is boosting its president, Shane Torchiana, to CEO standing in a “long-planned” shakeup that sees founding chief govt Travis VanderZanden additional stripped of energy.

Bird’s board additionally introduced two different appointments: Former Archer Aviation chief monetary officer Ben Lu has joined as Bird’s new CFO, taking up the position from Yibo Ling, and Bird engineering govt Lance Bradley has been promoted to chief expertise officer — a job that was previously held by product head Justin Balthrop. Amidst the shuffle, VanderZanden will keep on as chairman of Bird’s board.

Less than three months in the past, VanderZanden served as each president and CEO of Bird, however the longtime startup govt stepped down from his position as president in June, after Bird was hit was a delisting warning from the New York Stock Exchange. When Bird went public by merging with a SPAC final 12 months, the corporate started buying and selling at $8.40 per share, but an entire lot’s modified since then. The scooter rental firm closed out common buying and selling as we speak at a dreary $0.40 per share with a market cap round $100 million. To put its present cap in perspective: Bird has raised a whopping $1.14 billion to this point, in accordance with Pitchbook.

Bird’s had a tough go of it these days. The scooter rental firm burned $310 million within the second quarter of 2022, but it additionally noticed its quarterly income rebound to $76.7 million — a noteworthy (28%) soar up from the identical quarter final 12 months.

Bird framed the management restructuring as a part of its journey to profitability. “The organizational changes announced today reaffirm our commitment to positioning Bird for long-term profitable growth,” said VanderZanden, who known as the reorg a “long-planned transition.”

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,” he added.

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