- After around eight years in the position
- Praise and thanks for Zwillinger
- Joe Vernachio taking over
- Zwillinger spoke at length and said 144 words
(exechange) — San Francisco, California, March 12, 2024 — Joey Zwillinger, chief executive of Allbirds, leaves his position. As announced by Allbirds Inc. in a news release and in a regulatory filing published on Tuesday, March 12, 2024, Joseph (Joey) Zwillinger leaves his post as chief executive officer at the company that sells footwear and apparel, after around eight years in the role, effective March 15, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Joey Zwillinger’s duties as CEO will be taken over by Joe Vernachio, currently Chief Operating Officer at Allbirds Inc.
“Maximize long-term shareholder value”
Allbirds did not give an explicit reason for Joey Zwillinger’s departure from the CEO post. Dick Boyce, Lead Independent Director, stated: “We are delighted that Joe is taking the reins as we strive to maximize long-term shareholder value.”
Precise information regarding Joey Zwillinger’s future plans was not immediately available.
“Transition”
Allbirds said: “Allbirds, Inc. (Nasdaq: BIRD), a global lifestyle brand that innovates with sustainable materials to make better footwear and apparel products in a better way, today announced the appointment of Chief Operating Officer Joe Vernachio as Chief Executive Officer and a member of the Board of Directors, effective March 15, 2024. He succeeds Joey Zwillinger, Allbirds’s co-founder and CEO, who will continue as a member of the Board of Directors and serve as a special advisor to the Company.”
Allbirds further said: “On March 7, 2024, Joseph Zwillinger, the President, Chief Executive Officer and Secretary of the Company informed the Company’s Board of Directors (the “Board”) of his intention to transition from his role as President, Chief Executive Officer and Secretary, effective March 15, 2024.”
Share price decline since March 2022
The announcement follows a decline in Allbirds Inc.’s share price of 89% since March 2022.
In the position of CEO since 2015
Joey Zwillinger became CEO of the Company in 2015.
Zwillinger has served as the Company’s Chief Executive Officer since May 2023 and as the Company’s President and a member of the Company’s board of directors since he co-founded the Company in May 2015.
Zwillinger served as Co-Chief Executive Officer from October 2015 until May 2023.
Prior to cofounding Allbirds, Zwillinger served as Vice President of Industrial Products at TerraVia Holdings, Inc. (formerly Solazyme, Inc.), a biotechnology company from 2009 to 2015.
Zwillinger holds a B.S. in Industrial Engineering and Operations Research from the University of California, Berkeley and an M.B.A. with honors from The Wharton School of the University of Pennsylvania.
144 words by Joey Zwillinger
In the release announcing his departure as CEO of Allbirds Inc., Joey Zwillinger received praise and thanks.
In announcing his departure, Joey Zwillinger spoke at length and said 144 words.
“Strategic transformation plan”
Joey Zwillinger stated: “Building Allbirds with my co-founder Tim Brown, alongside our talented and dedicated Flock, has and continues to be an incredible privilege. I am thrilled to pass the mantle to Joe, who I have been working with for nearly three years. We turned to Joe to take on an expanded leadership role, increasing his responsibilities this past year and leveraging his capabilities as we developed our strategic transformation plan. Joe’s expertise has been particularly meaningful as we’ve worked to align our ethos with operational and financial execution. Our mission to make products that are coveted by consumers and deliver amazing comfort and style without denting the earth is even more important than it was when we started the Company nine years ago. I have every confidence that we have built the foundation for an enduring, multi-generation brand that will thrive in the years to come.”
The above text is an excerpt from the exechange report 12.2024 ($), publication date March 18, 2024.