Bird Announces Leadership Changes to Reinforce Focus on Path to Profitability | national company


Bird Global, Inc. (“Bird” or the “Company”) (NYSE: BRDS), a leader in environmentally responsible electric transportation, today announced that its Board of Directors (“Board”) has several key management appointments, effective immediately, to continue the Company’s pursuit of profitability. The board has named Shane Torchiana, currently chairman, as president and chief executive officer, succeeding Travis VanderZanden, who will remain chairman of the board. The board also named Ben Lu as chief financial officer, succeeding Yibo Ling. Additionally, Lance Bradley, currently Senior Vice President, Engineering, has been promoted to Chief Technology Officer.

Travis VanderZanden, Founder and Chairman of the Board, said, “The organizational changes announced today reaffirm our commitment to positioning Bird for long-term profitable growth and we continue to expect positive Adjusted EBITDA in the third quarter. 2022. We believe this long- The planned transition strengthens a world-class management team with a track record of results, public company expertise and a focus on creating value for key stakeholders. 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.

Mr. VanderZanden, continued, “I would like to thank Yibo for his contributions to Bird over the many years of the company’s growth, our transition to a public company and our initiative on the road to profitability. We wish him the best in his next endeavor.

Shane Torchiana has held various positions within the company, most recently as President, where he was responsible for overseeing the inner workings of Bird’s business, including city growth, policy, fleet managers and city operations. Additionally, he oversaw the company’s non-technology support functions, including People and Legal. Previously, as Senior Vice President, Corporate Development and Strategy at Bird, Mr. Torchiana led fundraising and M&A initiatives, and was a key member of the team that introduced Bird. public at the end of 2021. Prior to joining Bird in 2018, Mr. Torchiana spent eight years at the Boston Consulting Group (BCG) where he led client engagements in strategy, data and analytics and transformation.

Shane Torchiana, President and CEO, added, “I am grateful and honored by the trust Travis and the Board have placed in me to lead this exceptional company that is driving the transition to clean and fair transportation for hundreds of cities and millions of users. we serve. I look forward to working closely with Travis as President, Ben as Chief Financial Officer, and the rest of the management team to continue our focus on profitability.

Ben Lu brings over 25 years of diverse and extensive experience in the technology sector, and was most recently the Chief Financial Officer of Archer Aviation where he strengthened the finance and investor relations functions during its transition to a public company. Prior to Archer, Mr. Lu was Vice President of Finance at Logitech International, where he successfully led a global team responsible for corporate FP&A, investor relations, treasury, global operations and capitalization. supply chain, and more. While at Logitech, Mr. Lu and the finance team helped grow revenue from $2 billion in fiscal 2017 to more than $5 billion in fiscal 2021, while increasing operating profits by $250 million to nearly $1.3 billion over the same period.

The company has also promoted Lance Bradley, currently Senior Vice President, Engineering, to Chief Technology Officer. As Chief Technology Officer, Mr. Bradley will oversee all technology, engineering and product functions, including software, firmware, hardware and vehicle operations, as well as data, security and information technology. Mr. Bradley has been a key member of the company’s engineering team since 2018, holding various positions of increasing responsibility. Prior to joining Bird, Mr. Bradley was a senior software engineer at Riot Games, Inc., where he led data strategy for League of Legends. He previously held technical roles at Scopely, Inc., Geni.comand Zynga Inc.

As part of the announced leadership changes, Justin Kan has resigned from the board, effective immediately. The Company expects to obtain shareholder approval for the election of Mr. Torchiana to the Board of Directors no later than the next annual meeting of shareholders.

Forward-looking statements

This press release contains forward-looking statements. We intend that these forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 (as amended, the “Securities Act”) and Section 21E of the Securities Exchange. Act of 1934 (as amended, the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the company’s path to profitability, expected results for the third quarter of 2022, the new management team, as well as the election of Mr. Torchiana to the Board of Directors. . We have based these forward-looking statements largely on our current expectations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. , including, but not limited to, the following: the impact of the COVID-19 pandemic on our business, financial condition and results of operations; our ability to address the pricing deficit of our New York Stock Exchange (“NYSE”) and meet the continued listing requirements of the NYSE; risks related to our relatively short operating history and evolving new business model, which makes it difficult to assess our future prospects, forecast financial results and assess risks and challenges that we may face; our ability to achieve or maintain profitability in the future; our ability to retain existing passengers or add new passengers; the ability of our fleet managers to maintain vehicle quality or service levels; our ability to assess our business and our prospects in the new and rapidly changing industry in which we operate; risks related to the impact of bad weather and seasonality on our business; our ability to obtain vehicles that meet our quality specifications in sufficient quantities on commercially reasonable terms; our ability to compete successfully in the highly competitive industries in which we operate; risks related to our substantial indebtedness; our ability to obtain additional financing; risks related to the effective operation of mobile operating systems, networks and standards that we do not control; risks related to the action of governmental authorities to restrict access to our products and services in their localities; risks relating to claims, lawsuits, arbitration proceedings, government investigations and other procedures to which we are regularly subject; compliance, market and other risks, including the ongoing conflict between Ukraine and Russia, in connection with any expansion by us into international markets; risks relating to the impact of impairment of our long-lived assets and other significant factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 and Part II, Item 1A. “Risk Factors” in our Quarterly Report on Form 10-Q for the period ending June 30, 2022, and described from time to time in our future reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are based on information available to us as of the date of this press release, and while we believe that this information provides a reasonable basis for such statements, such statements are inherently uncertain and Investors are cautioned not to place undue reliance on such statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.

About the bird

Bird is an electric vehicle company dedicated to bringing affordable and environmentally friendly transportation solutions, such as electric scooters and electric bicycles, to communities around the world. Founded in 2017 by transportation pioneer Travis VanderZanden, Bird is growing rapidly. Today, it provides fleets of shared electric micro-vehicles to users in more than 450 cities around the world and offers its products for purchase on and through major retailers and distribution partners. Bird works closely with the cities in which it operates to provide a reliable and affordable transportation option for the people who live and work there.

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CONTACT: Investors

Karen Tan

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SOURCE: Bird Global, Inc.

Copyright BusinessWire 2022.

PUBLISHED: 09/21/2022 16:05 / DISK: 09/21/2022 16:05

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