Allbirds co-founder moves into new role amid mass job cuts
Allbirds said in a regulatory filing that Tim Brown has transitioned from co-chief executive officer to co-founder and chief innovation officer, effective May 4.
Following the management reshuffle, Allbirds cofounder Joey Zwillinger will now be the sole CEO.
“While my role has changed, one thing hasn’t and that’s my long-term focus and belief in the potential of this brand and business,” Brown said. “I know both how far we have come and how much further we can go. With a focus on design, innovation and a clear vision for the role that brands will play in a new sustainable economy, we have significant potential through the strategic transformation underway.”
In a separate filing, the sustainable footwear brand also announced that it has terminated 21 corporate jobs, amounting to approximately 9 percent of Allbird’s corporate workforce.
"We expect the estimated expenses related to severance and other employee termination-related costs, including the impact of stock-based compensation, to be immaterial and substantially recognized during the second quarter of 2023," said Allbirds, in a statement.
The job cuts come after Allbirds cut 8 percent of its workforce in August, as it began its transformation efforts.
In its most recent trading update in early March, Allbirds announced a revenue uptick of 7% to $297.8 million for the year 2022, despite a 13% decrease in fourth-quarter sales to $84.2 million. The San Francisco company also revealed the appointment of Annie Mitchell to the role of chief financial officer, effective April 24.
Mitchell succeeds Mike Bufano, who will be stepping down from Allbirds and will remain with the company through mid-May to ensure a smooth transition.
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