The co-founders of Lyft, CEO Logan Green, and President John Zimmer, announced on Monday that they would soon retire from their day-to-day positions.
David Risher, a former Amazon executive who worked in retail, will take over as CEO of the ridesharing company on 17th April, when Green will leave to become board chair. On 30th June, Zimmer will step down from his position and take on the role of vice chair of the Lyft board. Lyft’s flow director Sean Aggarwal will step down from his post yet will stay on the board, the organization said.
Lyft shares rose around 5% night-time on the news. The firm was established in 2012 by Green and Zimmer and went public in 2019. Over the past year, Lyft shares have dropped by more than 70%.
In a statement, Risher said, “I am honored to step into the CEO role at such an important moment in the company’s history, and I am prepared to take this business to new levels of success.”
Risher became the first vice president of product and store development at Amazon in 1997. Before leaving Amazon in 2002, he was senior vice president of marketing and merchandising and was a top lieutenant of Jeff Bezos, the company’s founder and executive chairman. Risher has served on the board since 2012.
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