Lyft co-founders Logan Green and John Zimmer are givingup their management functions to make method for a previous Amazon executive as the ride-hailing service hasahardtime to recuperate from the pandemic while veteran competing Uber hasactually been gainingback its momentum.
Under the brand-new order revealed Monday, Green will action down as Lyft’s CEO efficient April 17 and Zimmer will offer up his function as the San Francisco business’s president at the end of June.
David Risher, who assisted develop Amazon into an e-commerce powerhouse, will change Green as CEO. Green will stay included with Lyft as its non-executive chairman while Zimmer will be vice chairman after he leaves management.
The shake-up comes about a month after Lyft divulged that it suffered a $588 million loss for the last 3 months of last year, more than doubling from the exactsame 2021 duration, and offered a disappointing outlook for2023 That deepened a decline in Lyft’s stock, which hasactually pressed its shares listedbelow $10, a approximately 80% drop from their rate at the end of 2019, simply a coupleof months priorto the statement of a worldwide pandemic brought the need for ride-hailing services to a shrieking stop.
While Uber’s ridership has bo