Allbirds rebrands as Smartbird in AI pivot, hires former …

Allbirds has rebranded as Smartbird and appointed former Amazon executive Nadia Carlsten as CEO. This strategic shift aims to focus on AI infrastructure and cloud computing services, leading to a significant rise in the company's shares. With the appointment, Carlsten will be replacing Joe Vernachio, and the company plans to develop AI services to help clients reduce upfront costs. Smartbird is currently expanding its financing agreement to $100 million for acquisitions and has already sold off its footwear assets and most physical stores to pivot fully into the technology sector.

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A sign on the entrance to the Allbirds flagship store is seen in Manhattan, New York City

A sign on the entrance to the Allbirds flagship store is seen in Manhattan, New York City, U.S., September 7, 2021. REUTERS/Shannon Stapleton Purchase Licensing Rights, opens new tab

June 17 (Reuters) - Allbirds (BIRD.O), opens new tab changed its name to Smartbird on Wednesday and appointed former Amazon (AMZN.O), opens new tab executive Nadia Carlsten as CEO, cementing the former footwear maker's pivot to an ‌AI infrastructure firm and sending its shares up more than 30%.

The company had said in April it was shifting its focus to offer cloud computing capacity and AI services, leading to a more than five-fold surge in its shares. Including Wednesday's moves, they are up ⁠about 25% so far this year.

Carlsten brings AI and quantum computing experience from DCAI, Alphabet (GOOGL.O), opens new tab spinoff SandboxAQ, and Amazon Web Services, and has advised the World Economic Forum on computing and AI.
She will take over from Joe Vernachio, who is resigning from the company. Annie Mitchell will continue to serve as the chief financial officer, and Lily Yan Hughes has been appointed board chair.
Smartbird said it provides AI infrastructure ‌as ⁠a managed service to save upfront equipment costs for clients. It is in active discussions with potential customers and is designing its first cluster deployments.
"With a differentiated strategy, significant capital, and the opportunity to build an exceptional team, ⁠we are uniquely positioned to capitalize on one of the most significant infrastructure opportunities of the next decade," Carlsten said.
The company also said it had ⁠expanded its convertible financing agreement to $100 million from $50 million and had previously indicated it would use the proceeds to acquire graphics processors.
Allbirds ⁠shut most of its brick-and-mortar stores and sold its brand and footwear assets to American Exchange Group for $39 million in March.

Reporting by Anhata Rooprai in Bengaluru; Editing by Shreya Biswas and Jonathan Ananda

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Allbirds rebrands as Smartbird in AI pivot, hires former AWS executive as CEO; shares soar

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