Lyft shakes up leadership amid tough battle with Uber — Axios (2023-03-27)

Summary

Axios item published 2023-03-27 saying early Amazon executive David Risher is taking over as CEO of Lyft as co-founders Logan Green and John Zimmer step back. Green is ceding the chief executive job to board member Risher on April 17; Green becomes board chair and Zimmer vice chair, and current chair Sean Aggarwal becomes lead independent director. The page describes Risher as Amazon's 37th employee and a co-founder of the nonprofit Worldreader. It says Lyft, confined to the U.S. and Canada, has struggled against Uber, quotes Risher on a "very aggressive" competitor, and reports that Lyft's stock rose by more than 3% in after-hours trading.

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Full text

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](https://www.lyft.com/blog/posts/lyft-announces-leadership-succession-plan) 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](https://www.wsj.com/articles/lyft-hires-new-ceo-as-founders-step-back-amid-struggles-with-competition-493d1aa5?mod=hp_lead_pos3). "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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