Bird Board endorses new scooter boss

Bird's board also announced two other appointments: the former chief financial officer of Archer Aviation, Ben Lu, was incorporated as the new financial director of Bird, taking over from Yibo Ling, and the engineering executive of Bird, lance bradley, was promoted to chief technology officer, a position previously held by product manager Justin Balthrop. In the midst of confusion VanderZanden will remain as Bird's chairman of the board.

A few months ago, VanderZanden served as chairman and CEO of Bird, but the longtime startup executive stepped down as chairman in June after Bird received a delisting warning from the New York stock exchange. When Bird went public by merging with a SPAC last year, the company started trading at $8.40 a share, however, many things have changed since then. The scooter rental company closed regular trading today at $0.40 per share with a market capitalization of around $100 million. To put your current limit into perspective: Bird has raised a whopping $1.14 billion to date.

Bird has had a rough time lately. The company burned $310 million in the second quarter of 2022, but it also saw its quarterly revenue recover to $76,7 million, a notable increase (28%) from the same quarter last year.

Bird framed the leadership shakeup as part of his journey to profitability. “The organizational changes announced today reaffirm our commitment to position Bird for long-term profitable growth,” said Vander Zanden, who called the reorganization a “long-planned transition.”

"Under the 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.”, Agregó.