Richard Kannan officially appointed as Torc’s CFO to lead financial operations in alignment with the company’s market strategy
Blacksburg, Virginia – March 14, 2024 – Torc Robotics, a subsidiary of Daimler Truck AG focusing on commercial autonomous vehicle tech, has introduced Richard Kannan as the new Chief Financial Officer. In his capacity, Kannan will direct financial activities, shaping Torc’s financial strategy as it progresses towards launching its self-driving trucking tech. His responsibilities will encompass overseeing finances, risk management, and compliance.
“Having demonstrated great value as interim CFO, Richard’s permanent appointment to our executive team is a delight,” stated Peter Vaughan Schmidt, Torc Robotics’ CEO. “Richard’s data-driven influence guides our operational and business choices as we prepare for market entry in 2027.”
After his stint as interim CFO, Kannan now holds a permanent position in the top management. This initial period allowed him to gain insights, enabling him to model Torc’s finances to meet both immediate and long-term targets. It also gave him a deeper understanding of critical reporting requirements for the CEO, Board, and other stakeholders.
“It’s an immense privilege to contribute to Torc’s vision of revolutionizing the trucking sector with autonomous tech as CFO,” said Kannan. “Collaborating with the brilliant minds at Torc and our partner Daimler Truck AG is truly an honor. I eagerly anticipate adding value to our stakeholders while steering the future of freight.”
Throughout his career, Kannan has delivered substantial cash flow and savings enhancements across various industries, navigating crises like the pandemic and the 2008 financial meltdown. With a nimble and data-focused leadership style, his experience includes executive roles at General Electric and Genworth Financial. A licensed CPA in Virginia, Kannan holds a B.S. in Business Administration from the University of North Carolina at Chapel Hill. He has also served as a fractional and full-time CFO for online retail firms in the U.S.
About Torc Robotics
Located in Blacksburg, Virginia, Torc Robotics is a Daimler Truck AG subsidiary, specializing in autonomous trucking. Established in 2005 during the onset of self-driving vehicles, Torc possesses over 18 years of expertise in safety-critical self-driving apps. Offering comprehensive self-driving software solutions, Torc is currently geared towards introducing autonomous trucks for long-haul applications in the U.S. With test sites in Albuquerque, New Mexico, and engineering offices around the globe, Torc’s mission is to revolutionize freight with autonomous technology. Driving innovation in autonomous trucking, Torc strives to provide customers with the safest, most reliable, and cost-effective solution in the market.