Kannan formally joins Torc’s government management crew to go monetary operations in assist of the corporate’s go-to-market technique
BLACKSBURG, Va – March 14, 2024 – Torc Robotics, an impartial subsidiary of Daimler Truck AG and a pioneer in commercializing self-driving car know-how, right now introduced the appointment of Richard Kannan because the group’s new Chief Monetary Officer. In his function, Kannan will handle all monetary operations and lead the event of Torc’s general monetary technique because it strikes to convey its autonomous trucking know-how to market. He may even oversee all reporting, enterprise threat administration and compliance obligations for the enterprise.
“Richard has confirmed himself to be a useful asset to Torc throughout his time as interim CFO, and I’m thrilled to welcome him as a everlasting member of our government crew,” stated Peter Vaughan Schmidt, Torc Robotics’ CEO. “Richard helps form our operational and enterprise choices utilizing a data-driven strategy. This will probably be important as we work towards scalable market entry in 2027.”
After serving as interim CFO for Torc Robotics over the past a number of months, Kannan now turns into a everlasting member of the manager management crew. This prior integration empowered him to raised perceive and mannequin Torc’s budgeting and forecasting for the enterprise’s short- and long-term objectives. It additionally offered invaluable context on essentially the most important reporting wants for the CEO, Board of Administrators, and different key stakeholders.
“Having the ability to contribute to Torc’s imaginative and prescient of reworking the trucking trade with autonomous know-how is an unbelievable alternative, and one which I sit up for taking up as Chief Monetary Officer,” stated Kannan. “To collaborate with such good individuals right here at Torc, alongside our accomplice Daimler Truck AG, is an honor. I sit up for serving to create worth for our many stakeholders as we drive the way forward for freight.”
Spanning a number of industries throughout his profession, Kannan generated multimillion-dollar money circulate and financial savings enhancements. This timeframe included the pandemic and 2008 monetary disaster. Kannan’s management model is nimble and information pushed. With a long time of prior expertise teaching and mentoring groups in senior roles for Normal Electrical and Genworth Monetary, Kannan has lent his expertise within the C-suite each as a fractional and full-time CFO for on-line retail corporations spanning the U.S. He’s a licensed CPA within the state of Virginia and holds a B.S. in Enterprise Administration from the College of North Carolina at Chapel Hill.
About Torc Robotics
Torc Robotics, headquartered in Blacksburg, Virginia, is an impartial subsidiary of Daimler Truck AG, a worldwide chief and pioneer in trucking. Based in 2005 on the beginning of the self-driving car revolution, Torc has over 18 years of expertise in pioneering safety-critical, self-driving purposes. Torc affords an entire self-driving car software program and integration answer and is at present specializing in commercializing autonomous vans for long-haul purposes within the U.S. Torc operates take a look at amenities in Albuquerque, New Mexico, and engineering workplaces in Austin, Texas; Stuttgart, Germany; and Montreal, Canada. Torc’s goal is driving the way forward for freight with autonomous know-how. Because the world’s main autonomous trucking answer, we empower distinctive workers, ship a centered, hub-to-hub autonomous truck product, and supply our prospects with the most secure, most dependable, and cost-efficient answer to the market.
