In a significant development for Bird Global (NYSE: BRDS), John Bitove, the founder of the renowned Toronto Raptors basketball team, has been appointed as the new chairman of the company. Bitove’s appointment comes after Bird Global founder Travis VanderZanden resigned from his position as chairman of the board of directors at the e-scooter company, as confirmed by a filing with the U.S. Securities and Exchange Commission.
Bird Global, a leading electric scooter rental firm operating across North American cities, has faced significant challenges during the Covid-19 pandemic, with a sharp decline in ridership.
In 2022, Bird Global joined forces with its platform partner, Bird Canada, with the aim of achieving profitability by 2023. Bitove, who serves as the chairman and co-founder of Bird Canada, has been a member of the Bird board since January. Additionally, Bitove holds the positions of chairman and co-founder at Obelysk, an investment firm.
“This was not an easy decision, but ultimately I’m excited to get back to my entrepreneurial roots and incubate some new ideas,” VanderZanden expressed in a statement.
Before his tenure at Bird Global, VanderZanden held key leadership positions at renowned ride-sharing companies Lyft and Uber, where he played a pivotal role in their growth and success.
Bitove is set to assume the role of chairman at Bird Global, succeeding VanderZanden and bringing his experience in both sports management and investment. From 1995 to 1998, he was among a consortium of entrepreneurs who established and possessed ownership of the Toronto Raptors basketball team. Subsequently, the team was acquired by Maple Leaf Gardens Ltd., the proprietor of the Toronto Maple Leafs National Hockey League franchise.
“We’re all passionate about Bird’s prospects and supporting the company in its mission to provide clean, equitable transportation alternatives in cities around the world,” Bitove said.
Bird Global last traded at $2.04 on the NYSE.
Information for this briefing was found via South Florida Business Journal and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
