Axios, "Lyft shakes up leadership amid tough battle with Uber"

Summary

An Axios article dated Mar 27, 2023 reporting that early Amazon executive David Risher is taking over as CEO of Lyft. It states that co-founder Logan Green is ceding the chief executive job to board member Risher on April 17, while co-founder and president John Zimmer is also stepping back. Green and Zimmer will transition to board chair and vice chair, and current chair Sean Aggarwal will become lead independent director. The article notes that Lyft has struggled to keep up with rival Uber and has yet to post a profit, and that its stock rose more than 3% in after-hours trading.

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Mar 27, 2023 - Economy

Lyft shakes up leadership amid tough battle with Uber

Photo: Mat Hayward/Getty Images

Early Amazon executive David Risher is taking over as CEO of Lyft as the company's co-founders take a step back from day-to-day operations.

Why it matters: The ride-share company has struggled to keep up with rival Uber and yet to post a profit.

- Unlike Uber, Lyft's operations remain confined to the U.S. and Canada, and it hasn't diversified into delivery (though it does operate a bike and scooter rental business, as well as a small ad network).
- While its losses have been shrinking, Lyft recently announced a weaker-than-expected outlook for its current quarter.

Driving the news: Lyft co-founder Logan Green is ceding the chief executive job to board member Risher on April 17, while co-founder and president John Zimmer is also stepping back.

- Green and Zimmer will transition to board chair and vice chair, respectively. Current chair Sean Aggarwal will become lead independent director.
- Risher joined Lyft's board of directors in 2021.
- He was Amazon's 37th employee, eventually becoming its first head of product and head of U.S. retail. He was also a general manager at Microsoft. He then co-founded Worldreader, a nonprofit focused on providing books to kids.

What they're saying: "The macroeconomy is tough and the world is full of some uncertainty and that’s a real factor for sure and, then, when you zoom in one click, the competitive environment is tough," Risher told the Wall Street Journal . "We have a very aggressive—very aggressive—competitor."

- "All founders eventually find the right moment to step back and the right leaders to take their company forward," Green said in a statement, adding that Risher "has the right energy, ambition, and experience to lead Lyft into the future."

What we're watching: Lyft's stock price went up by more than 3% in after-hours trading following the announcement.

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