Lyft cofounders Logan Green and John Zimmer are stepping back from day-to-day responsibilities as CEO and president, respectively, the company announced Monday.
Former Amazon executive David Risher, who has been on the company’s board since 2021, will take over Green’s spot as CEO starting in mid-April. Green and Zimmer will retain their seats on the board. Green will transition to chair of the board, while Zimmer will continue as vice chair.
Green and Zimmer cofounded Lyft in 2012. The pair took the company public in 2019. The Wall Street Journal first reported the news.
Shares of Lyft jumped in after-hours trading Monday more than 5%. But the company has faced a wave of trouble in the past few years, as the COVID-19 pandemic hampered travel; Lyft wasn’t able to offset those loses with food delivery (which has been a boon for rival Uber). Shares are down more than 70% in the past year, not including Monday’s afternoon jump.
“After seeing David’s leadership as a member of our board, I am confident that he brings the right energy, ambition, and experience to lead Lyft through our next chapter,” Green said in a prepared letter.
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