Shared micromobility company Bird’s board of directors has appointed Shane Torchiana as president of the company, replacing the company’s CEO and founder Travis VanderZanden. The new roles will begin effective June 29, per a regulatory filing.
VanderZanden, who previously served as the chief operating officer (COO) at ride-hailing company Lyft, will stay on as CEO of Bird and chair of the board of directors.
The departure of VanderZanden and the election of Torchiana comes a few days after Bird received a warning from the New York Stock Exchange for its too-low stock price. Bird’s shares fell 6.05% to close at $0.43, which according to the exchange’s requirements for Class A Common Stocks, is far below the $1.00 minimum over the course of a consecutive 30-day trading period.. The announcement, which was delivered after the market closed, briefly pushed share price one cent lower before recovered to $0.43.
Bird’s stock has plummeted from $6.18 at the start of the year, due to market conditions and issues within a company that has struggled to turn a profit since going public last year. Bird recently laid off 23% of its staff.
Until recently, Torchiana served as Bird’s COO from January. Before that, he worked in various roles, most recently as SVP of corporate development and strategy from January 2019 to January 2022. Torchiana comes from a consulting background with Boston Consulting Group where he worked for eight years leading client engagements in data and analytics, strategy and transformation efforts, according to Bird’s filing with the Securities and Exchange Commission.
Source: Tech Crunch