Lyft co-founders CEO Logan Green and president John Zimmer will be stepping down from their roles by mid-April, the company announced Wednesday. They will serve as Chairman and Vice Chairman of Lyft’s Board of Directors, respectively.
Former Amazon retail executive David Risher takes over as CEO of Lyft. Lyft’s current chairman, Sean Aggarwal, is stepping down but will remain on the board.
Green and Zimmer founded Lyft in 2012. At the time, the company distinguished him from Uber primarily by the pink mustache he wore on his Lyft vehicle. At the time, Zimmer told TechCrunch that Lyft originally intended to offer the service exclusively to women, saying it was “a secure service and for a very specific audience.”
Lyft shed its mustache in 2016 and went public three years later. At the time of his debut, Lyft set the stock at $72 a share for him, after which he raised more than $2 billion in the afternoon. Today, Lyft closed at $9.60 per share. But with the news that Risher took over as his CEO, the stock jumped nearly 6% hours later.
Risher joined Amazon in 1997 as its first Vice President of Product and Store Development. He is the founder and executive of Amazon, where he rose to a position alongside Jeff Bezos, who served as senior vice president of marketing and merchandising before leaving Amazon in 2002. rice field. According to Lyft’s statement, sales exceed his $4 billion.
Today, Risher is CEO and co-founder of Worldreader, a non-profit organization dedicated to getting kids interested in reading. Perhaps it’s this community-oriented ethos that aligns nicely with her original founding goals for Lyft as a company. He will step down as CEO there and remain as president of the board, according to a LinkedIn post.
Risher, who joined Lyft’s board in 2021, will assume full responsibility for the company’s operations on April 17, according to the company.
Lyft said the company’s previously announced earnings, contribution margin and adjusted EBITDA guidance for the first quarter of 2023 remains unchanged. When Lyft announced its fourth-quarter and full-year 2022 earnings in February, the company lowered its earnings forecast for the first quarter of 2023 to $975 million, about $200 million. Decreased. Analysts expected the company to pledge $1.09 billion in revenue. On that guidance, the stock plunged 25% to $12.13 in after-hours trading, and has continued to fall in the intervening weeks.
