(MENAFN) Lyft's cofounders, CEO Logan Green and president John Zimmer, will soon step back from their day-to-day roles, the ridesharing company announced on Monday. David Risher, a former retail executive at Amazon, will be CEO of the company beginning April 17, when Green will step aside to serve as chair of the board. Zimmer will transition out of his role on June 30 to serve as vice chair of the Lyft board. The current chairman, Sean Aggarwal, will step down from his post but will remain on the board.
Lyft shares rose around 5% after hours on the news, signaling investor confidence in the company's leadership transition. Green and Zimmer founded Lyft in 2012 and took the company public in 2019, but the company's shares have fallen more than 70% in the last year. The leadership changes are seen as a move to revitalize the company and regain investor trust.
David Risher brings a wealth of experience to his new role as Lyft CEO, having served as Amazon's first vice president of product and store development in 1997. He was a top lieutenant of Amazon founder and executive chairman Jeff Bezos, and went on to serve as senior vice president of marketing and merchandising before exiting the company in 2002. Risher has been on Lyft's board since 2021, and his appointment as CEO is expected to bring fresh perspective and strategic direction to the company.
In a statement, Risher expressed his excitement about taking on the role of CEO and his commitment to taking Lyft to new levels of success. The leadership changes at Lyft come at a critical moment for the ridesharing industry, which has been impacted by the COVID-19 pandemic and faces ongoing regulatory and legal challenges. As Lyft continues to navigate these challenges and adapt to changing market conditions, the company's new leadership team will be key to its future success.
In conclusion, the leadership changes at Lyft represent a significant shift for the company and are expected to bring new energy and direction to the business. David Risher's appointment as CEO is a positive development for the company, given his experience and track record at Amazon. As Lyft looks to recover from a challenging year and position itself for growth in the future, the company's leadership team will play a critical role in shaping its strategy and driving success.
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