Management ChangeJun 17, 2026, 08:12 AM
Smartbird Appoints AI CEO Nadia Carlsten, Boosts Convertible Notes to $100M
AI Summary
Allbirds, Inc. has rebranded to Smartbird, Inc., completing the divestment of its footwear assets to fully pivot into an AI infrastructure provider. The company appointed Nadia Carlsten, an AI and advanced computing industry leader, as its new President, CEO, and director, effective June 18, 2026. To support its new strategy, Smartbird increased its senior secured convertible notes facility by $50.0 million to an aggregate of $100.0 million, with a conversion price of $4.00 for the new notes. Lily Yan Hughes was also appointed independent board chair, and the company will seek additional shareholder approval for the increased financing.
Key Highlights
- Allbirds, Inc. rebranded to Smartbird, Inc. and completed the sale of its footwear assets.
- Nadia Carlsten appointed President, CEO, and director, effective June 18, 2026.
- Carlsten brings significant experience in AI and advanced computing platforms to the new role.
- Senior secured convertible notes facility increased by $50.0 million to an aggregate of $100.0 million.
- Conversion price for the increased notes is set at $4.00 per share.
- Carlsten's annual base salary is $700,000, with a 100% target performance bonus opportunity.
- Carlsten received an RSU award of 1,532,379 shares, with 255,397 vesting immediately.
- Lily Yan Hughes appointed independent board chair; Joe Vernachio resigned from company and board.
Price Impact
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