On Monday, March 27, Lyft announced both its President and CEO would give up their executive posts. The next CEO is already appointed to be the former Amazon employee David Risher.
The Step Down
On Monday, Lyft, Inc. stated that Logan Green and John Zimmer, the company’s co-founders, have elected to shift from full-time senior management positions to non-executive duties as chair and vice chair of the Lyft board, respectively, beginning April 17, 2023, and June 30, 2023.
As per CNBC, David Risher, a seasoned technology executive who previously worked as Amazon’s first head of product and chief of US retail before co-founding Worldreader, will take over as CEO on April 17. David joined Amazon as its 37th employee, helping to transform it from an online bookshop with $15 million in yearly sales to an “everything store” with over $4 billion in sales.
Lyft’s Business Conditions
Mr. Green and Mr. Zimmer founded Lyft in 2012 and were well-known figures in the company’s early years. They positioned Lyft as a friendlier alternative to Uber and its competitive CEO, Travis Kalanick, while avoiding many of the scandals surrounding their opponent.
But, after years of rapid expansion, Lyft, like many other start-up businesses, has yet to earn a sizeable profit and recently fell farther behind Uber in the ride-hailing market.
Due to driver supply issues that have resulted in high pricing and lengthy wait times for passengers, Lyft’s business conditions have been sluggish in recovery from the lockdowns of the early stages of the pandemic. The price of Lyft’s shares has fallen to $10, from close to $80 at its height and approximately $40 a year ago.
After-hours trading saw a roughly 5% increase in the company’s stock price on news of the resignations.
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