Chicken board backs new scooter boss • TechCrunch

Micromobility firm Chicken is boosting its president, Shane Torchiana, to CEO standing in a “long-planned” shakeup that sees founding chief government Travis VanderZanden additional stripped of energy.

Chicken’s board additionally introduced two different appointments: Former Archer Aviation chief monetary officer Ben Lu has joined as Chicken’s new CFO, taking on the function from Yibo Ling, and Chicken engineering government Lance Bradley has been promoted to chief know-how officer — a job that was previously held by product head Justin Balthrop. Amidst the shuffle, VanderZanden will keep on as chairman of Chicken’s board.

Lower than three months in the past, VanderZanden served as each president and CEO of Chicken, however the longtime startup government stepped down from his function as president in June, after Chicken was hit was a delisting warning from the New York Inventory Trade. When Chicken went public by merging with a SPAC final 12 months, the corporate started buying and selling at $8.40 per share, but a complete lot’s modified since then. The scooter rental firm closed out common buying and selling right this moment at a dreary $0.40 per share with a market cap round $100 million. To place its present cap in perspective: Chicken has raised a whopping $1.14 billion thus far, based on Pitchbook.

Chicken’s had a tough go of it these days. The agency burned $310 million within the second quarter of 2022, but it additionally noticed its quarterly income rebound to $76.7 million — a noteworthy (28%) leap up from the identical quarter final 12 months.

Chicken framed the management restructuring as a part of its journey to profitability. “The organizational modifications introduced right this moment reaffirm our dedication to positioning Chicken for long-term worthwhile development,” stated VanderZanden, who referred to as the reorg a “long-planned transition.”

Below new management, the corporate will proceed to prioritize value optimization, with out dropping sight of our long-term dedication to creating cities extra livable and sustainable,” he added.

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