Philip Ryan and Philip Evershed Join Bird Board of Directors

Rhea-AI Summary

Bird Global, Inc. (NYSE:BRDS) announced the addition of Philip Ryan and Philip Evershed to its Board of Directors. Ryan, Chairman of Swiss Re America, and Evershed, Managing Partner at PointNorth Capital, bring extensive experience in finance and business, reinforcing Bird's leadership. CEO Shane Torchiana highlighted their roles in achieving positive free cash flow and adjusted EBITDA this year. Both directors plan to acquire over 500,000 shares of Bird stock. Ryan will join the Audit Committee, while Evershed will serve on the Compensation Committee, positioning Bird for future growth in the e-scooter market.

Positive

• Addition of experienced directors enhances leadership, potentially increasing investor confidence.
• Directors bring significant financial expertise, aiding in achieving financial goals.
• Both intend to purchase over 500,000 shares, indicating confidence in the company's future.

Negative

• None.

New Directors Bring Decades of Proven Experience, Bolstering Bird Leadership

MIAMI--(BUSINESS WIRE)-- Bird Global, Inc. (NYSE:BRDS), a leader in environmentally friendly electric transportation, today announced that Philip Ryan, Chairman of Swiss Re America Holding Corp, and Philip Evershed, Managing Partner at PointNorth Capital, have joined the Bird Board of Directors. Mr. Ryan and Mr. Evershed each bring with them a wealth of experience in business and finance, lending their expertise to Bird’s leadership team.

“In recent months, we’ve significantly expanded the leadership on our management team and Board of Directors, adding people with even more experience scaling companies profitably,” said Shane Torchiana, CEO, Bird. “Phil Ryan and Phil Evershed have decades of financial experience across numerous sectors and organizations, which will offer valuable perspective as we work to deliver on our goals of positive free cash flow and positive adjusted EBITDA this year. We’re thrilled to welcome them to our Board of Directors and look forward to working together.”

Mr. Ryan is chairman of Swiss Re America Holding Corp., a board member for Swiss Re Ltd., is an advisor to two growth private equity firms and has extensive public company board experience. He has held previous roles as Chief Financial Officer of the Power Corporation of Canada from 2008 to 2012, as well as various roles at Credit Suisse. Mr. Evershed is a Managing Partner at PointNorth Capital, an advisory and investment management company focused on non-bank credit opportunities. Mr. Evershed also serves on the Boards of Sirius-XM Satellite Radio (Canada) and VerticalScope Inc, with prior Board of Directors experience at Iogen Corp. and Canaccord Genuity. Mr. Evershed was previously the Co-Head of Investment Banking and Head of Mergers and Acquisitions at CIBC World Markets.

“I’ve been struck by the rigor and focus shown by Bird’s current leadership team, combined with the deep commitment to the company’s mission,” said Mr. Ryan. “Shared electric micromobility is a critical industry for our communities and I am eager to join the Board of Directors and lend my voice and support Bird’s success.”

“Bird has a clear strategy for achieving its goals this year and is well on the path to being able to achieve them,” said Mr. Evershed. “Bird has a unique opportunity to play a consolidation role in the e-scooter transportation market and I am happy to help the company achieve those goals.”

In connection with joining Bird’s Board of Directors, Mr. Evershed and Mr. Ryan intend to perfect the purchase of over 500,000 shares of Bird stock.

Mr. Ryan will serve on the Audit Committee of the Bird Board of Directors and Mr. Evershed will serve on the Compensation Committee of the Bird Board of Directors. Mr. Ryan and Mr. Evershed join current Bird Board of Directors members Travis VanderZanden (Chair), John Ivan Bitove, Robert Komin, Jim Mutrie, Antonio Occhionero, Racquel Russell, and Kevin Talbot. More information on Bird’s Board of Directors can be found on its Investor Relations website.

For further information, please see Bird’s Current Report on Form 8-K, filed on March 30, 2023.

About Bird

Bird is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by transportation pioneer Travis VanderZanden, Bird’s cleaner, affordable, and on-demand mobility solutions are available in more than 350 cities, primarily across the United States, Canada, Europe, the Middle East, and Australia. We take a collaborative, community-first approach to micromobility. Bird partners closely with the cities in which it operates to provide a reliable and affordable transportation option for people who live and work there.

Forward-Looking Statements

This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts may be forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the expected benefits of the transaction; our path to profitability and our future financial performance, operations, operating results and financial condition. We have based these forward-looking statements largely on our current expectations. These 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, our ability to cure our New York Stock Exchange (“NYSE”) price deficiency and meet the continued listing requirements of the NYSE; risks related to our relatively short operating history and our new and evolving business model, which makes it difficult to evaluate our future prospects, forecast financial results, and assess the risks and challenges we may face; our ability to achieve or maintain profitability in the future; our ability to retain existing riders or add new riders; our Fleet Managers’ ability to maintain vehicle quality or service levels; our ability to evaluate our business and prospects in the new and rapidly changing industry in which we operate; risks related to the impact of poor 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 secure additional financing; risks related to the effective operation of mobile operating systems, networks and standards that we do not control; risks related to action by governmental authorities to restrict access to our products and services in their localities; risks related to claims, lawsuits, arbitration proceedings, government investigations and other proceedings to which we are regularly subject; risks related to compliance, market and other risks, including the ongoing conflict between Ukraine and Russia, in relation to any expansion by us into international markets; any continuing impact of the COVID-19 pandemic on our business, financial condition, and results of operations; risks related to the impact of impairment of our long-lived assets and the other important factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 , and described from time to time in our future reports filed with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release and while we believe such information forms a reasonable basis for such statements, these statements are inherently uncertain and you are cautioned not to unduly rely upon these 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 any new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230330005249/en/

Investor Contact

Investor@bird.co

Media Contact

Press@bird.co

Source: Bird Global, Inc.

FAQ

Who joined the Bird Global Board of Directors?

Philip Ryan and Philip Evershed have joined the Bird Global Board of Directors.

What experience do the new directors bring to Bird Global?

Philip Ryan has extensive public company board experience, while Philip Evershed has a background in investment banking and board governance.

What are Bird Global's goals for the year?

Bird aims to achieve positive free cash flow and positive adjusted EBITDA this year.

What committees will Ryan and Evershed serve on?

Philip Ryan will serve on the Audit Committee and Philip Evershed will serve on the Compensation Committee.

How many shares of Bird stock do the new directors plan to purchase?

Ryan and Evershed intend to acquire over 500,000 shares of Bird stock.