Lyft co-founders John Zimmer and Logan Green are stepping down from their executive positions, according to an announcement from the company. Green will step down as chief executive officer on April 17th and Zimmer will leave his role as president on June 30, 2023. Their exits come as the rideshare company has lost ground to its primary rival, Uber, as well as sustained financial losses. Lyft board member and former Amazon executive David Risher will take over as CEO upon Green’s departure; he previously served as Amazon’s first head of product and head of U.S. retail.
The announcement comes mere months after Lyft revealed that it would be forced to cut its fares to compete with the ridesharing market leader Uber, gouging its profit forecast for its most recent quarter. The company’s stock has plummeted over 85% since its IPO in 2019, as it has struggled to retain drivers and compete with its biggest rival, which boasts a market cap of more than $60 billion.
Risher, who also previously served as a general manager at Microsoft, joined Lyft’s board of directors in July 2021, and his overall experience should translate well as he assumes full leadership of the company’s operations.