Micromobility company Bird is promoting its president, Shane Torchiano, to CEO status in a “long-planned” shakeup that further strips founding CEO Travis VanderZanden of power.
The Poultry Council also announced two other appointments: Aviation Archer CFO Ben Lu became Bird’s new CFO, taking over the role from Yibo Ling, while Bird’s director of engineering Lance Bradley was promoted to chief technology officer, a position previously held by chief product officer Justin Beltrap. Amid the reshuffle, VanderZanden will remain chairman of Bird’s board.
VanderZanden served as Bird’s president and CEO less than three months ago, but the startup’s longtime executive resigned from the post of president in Juneafter Byrd was beaten delete warning from the New York Stock Exchange. When Byrd went public merger with SPAC last year the company started trading at $8.40 per share, but a lot has changed since then. The scooter rental company ended regular trading today at a dull $0.40 per share, with a market cap of about $100 million. To show its current cap, Bird has raised a whopping $1.14 billion to date, PitchBook.
The Bird has been having a hard time lately. Firm burned $310 million in the second quarter of 2022, but quarterly revenue also rebounded to $76.7 million — a noteworthy (28%) year-over-year jump.
Bird has formalized a management restructuring as part of its drive to profitability. “The organizational changes announced today confirm our commitment to position Bird for long-term profitable growth,” VanderZanden saidwho called the reorganization “a long-planned transition.”
“Under the new leadership, the company will continue to prioritize cost optimization while keeping our long-term commitment to making cities more livable and sustainable,” he added.