Lyft co-founder Logan Inexperienced is stepping down as CEO

Greater than a decade into its life, Lyft is bringing on a brand new chief government officer. On Monday afternoon, the corporate present CEO and co-founder Logan Inexperienced would hand day-to-day operations of Lyft to David Risher, a former Amazon government, on April seventeenth. That very same day, Inexperienced will take over as chair of Lyft’s board of administrators. The announcement is a component of a bigger government shuffle that may also see Lyft president and co-founder John Zimmer transfer to the corporate’s board the place he’ll function its vice chair. Zimmer’s final day as president will probably be June thirtieth.

Inexperienced and Zimmer based Lyft in 2012 and efficiently . Since its IPO, nevertheless, the worth of Lyft’s inventory has dropped dramatically. Following an preliminary excessive of $78.29 per share in 2019, the inventory hit a report low of $9.60 per share earlier right this moment. On February ninth, the day Lyft introduced its outcomes, the inventory shed after Inexperienced delivered what was broadly thought of one of many worst earnings calls in current reminiscence, telling traders the corporate would want to extend spending to remain aggressive with Uber. To say Lyft’s new CEO has his work lower out for him can be an understatement. The corporate has by no means reported a revenue, and, , it has a troublesome path forward because of the economics of ride-sharing. Nonetheless, Risher is certainly certified to show Lyft round having beforehand served as Amazon’s first head of product and head of US retail.

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