- After almost eight years in the position
- No successor named
- Brown will remain as Chief Innovation Officer at Allbirds
(exechange) — San Francisco, California, May 9, 2023 — Tim Brown, co-chief executive of Allbirds, leaves his position. As announced by Allbirds Inc. in a regulatory filing published on Tuesday, May 9, 2023, Timothy (Tim) Brown has left his post as co-chief executive officer at the sneaker company, after almost eight years in the role, effective May 4, 2023.
Allbirds did not name a permanent replacement for the position of Co-Chief Executive Officer.
No reason given
In the announcement, Allbirds did not explicitly explain the reason for the move.
Brown will remain as Chief Innovation Officer at Allbirds
Allbirds stated: “On May 4, 2023, Timothy Brown, Co-Chief Executive Officer of the Company, and the Company agreed that Mr. Brown would transition from Co-Chief Executive Officer to Co-Founder and Chief Innovation Officer, a non-executive role, effective May 4, 2023.”
Share price decline since November 2021
The announcement follows a decline in Allbirds Inc.’s share price of 95% since November 2021.
In the position of CEO since 2015
Tim Brown became CEO of the Company in 2015.
Brown has served as the Company’s Co-Chief Executive Officer since October 2015 and as a member of the Company’s Board of Directors since he co-founded the Company in May 2015.
From May 2015 to October 2015, Brown served as the Company’s Chief Executive Officer.
Prior to co-founding Allbirds, Brown served as Manager in the Innovation Strategy and Business Development Department at Redscout, a brand consulting firm, from March 2015 to August 2015.
In 2010, Brown was Vice Captain of the New Zealand World Cup football team.
Brown holds a B.S. in Design from the College of Design, Architecture, Art, and Planning at the University of Cincinnati and an M.Sc. in International Management from the London School of Economics and Political Science.
No statement by Tim Brown
The announcement of his departure as co-CEO does not include a statement by Tim Brown.
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 312 CEO departures in the Russell 3000 Index evaluated over the past 12 months (May 9, 2022, to May 8, 2023), the average Push-out Score was 6.2, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, pursuit of other opportunities or time with family were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Tim Brown’s move determined
The Push-out Score regarding Tim Brown’s move is explained point by point in the exechange report.
exechange reached out to Allbirds and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2023 ($).