![]() Late last year, Lyft said it was cutting 13% of its staff, or 700 employees, as part of a major effort to cut costs.ĭavid Risher, Lyft's new CEO, flanked by Lyft's co-founders, Logan Green (left) and John Zimmer (right). That arguably hurt the company earlier in the pandemic when fewer customers were traveling but more were ordering items online. While Uber diversified its business beyond ride-hailing by delivering meals and grocery items, Lyft never did. “As a member of the board, he knows both the challenges and opportunities ahead.”įor Lyft, the current challenges are immense. “All founders eventually find the right moment to step back and the right leaders to take their company forward,” Green said in a statement. In its announcement, Lyft framed the leadership change as a straightforward succession plan. Lyft announces new CEO, says co-founders will step aside from management positions (Photo by Justin Sullivan/Getty Images) Justin Sullivan/Getty Images/FILE On-demand transportation company Lyft has filed paperwork for its initial public offering that is expected to value the company at up to $25 billion. ![]() SAN FRANCISCO, CALIFORNIA - MARCH 11: The Lyft logo is displayed on a car on Main San Francisco, California. In a nod to those challenges, Lyft announced Monday that its two cofounders, Logan Green and John Zimmer, would step back from their management roles and the company would bring in Amazon veteran and Lyft board member David Risher to take the helm of Lyft as CEO. Meanwhile, Lyft stock has plunged nearly 90% since it went public in 2019. Uber now has 74% of the US rideshare market, up from 62% in 2020, according to market research firm YipitData, while Lyft’s market share slipped to 26% from 38% during that same period. Six years later, however, Lyft’s position is arguably more precarious than it has ever been. For a brief moment in 2017, however, it looked like the balance of power might shift, as Uber was rocked by a seemingly endless series of PR crises that culminated with its founder and CEO Travis Kalanick stepping down. In the process, Lyft cultivated a feel-good brand – but Uber dominated the market. It let rival Uber do most of the dirty work fighting regulators and the taxi industry to create a path for a new crop of companies to offer rides to customers through an app. For years, Lyft positioned itself as the “nice guy” in the ride-hailing industry.
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