Bird's board of directors has replaced the company's CEO and founder with a new one. The new roles will start on June 29th.
The CEO of Bird and the chair of the board of directors will be the same person as before.
Bird received a warning from the New York Stock Exchange for its low stock price after the departure of VanderZanden. According to the exchange's requirements for Class A Common Stocks, Bird's shares are far below the minimum over the course of a 30 day trading period. After the market closed, the announcement briefly pushed the share price one cent lower.
Bird's stock plummeted from $6.18 at the start of the year due to market conditions and issues within the company that has struggled to turn a profit. The company recently laid off 23% of its staff.
Torchiana was Bird's COO from January to February. He was the VP of corporate development and strategy from January to January 2022. According to Bird's filing with the Securities and Exchange Commission, Torchiana comes from a consulting background with Boston consulting group, where he worked for 8 years leading client engagements in data and analytics.
Bird said that Torchiana would be in charge of day to day operations.
One of the two micromobility companies to debut on the public markets is Santa Monica–based e-scooter and e-bike sharing company. Both companies are doing well in the electric vehicle space. Bird made its debut on the New York Stock Exchange on November 5th. The company's initial price was $8.34 per share, with an expected valuation of over $2 billion.
The company has faced a number of challenges in the form of increased omicron cases, poor weather and significant operating costs that have caused the company's revenue to be valued lower than its losses. Bird said it would stop selling vehicles in favor of focusing on its core business of shared rides.
The article has been updated with more information.
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