Allbirds co-CEO steps down to chief innovation officer

Timothy Brown, the co-chief executive officer and co-founder of Allbirds, has stepped down into a non-executive role to the position of chief innovation officer.

The move comes as part of a leadership shift at the company, which had also announced in March the appointment of a new chief financial officer, Annie Mitchell, who succeeded Mike Bufano.

Joey Zwillinger, Allbirds’ other co-founder, will now be the sole chief executive officer at the company.

In a regulatory filing, Brown commented: “While my role has changed, one thing hasn't: my long-term focus and belief in the potential of this brand and business. I know both how far we have come and how much further we can go.

“From the original Kickstarter campaign to the launch of Allbirds and the world's most comfortable shoe, to the recent launch of innovations such as the Moonshot project, we have significant opportunities ahead.

“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 under way.”

Allbirds cuts jobs as losses widen

Brown’s stepping down came alongside another announcement by the brand, where it stated that it had cut 21 corporate jobs.

Last week, Allbirds revealed a net loss of 35.2 million dollars compared to a loss of 21.9 million dollars in the same period a year earlier.

That came as its net revenue fell 13.4 percent to 54.4 million dollars. However, that result was still ahead of expectations.

Zwillinger commented on the results: “Our teams are executing well against our strategic transformation plan designed to reignite growth, improve capital efficiency and drive profitability.

“The dedication and hard work of our flock resulted in a quarter that demonstrated good progress on our strategic initiatives while exceeding our expectations.”