The cofounders of Lyft, CEO Logan Green and president John Zimmer, made the announcement on Monday that they will soon retire from their day-to-day positions.
David Risher, a previous retail chief at Amazon, will be President of the ridesharing organization starting April 17, when Green will move to one side to act as seat of the board. On June 30, Zimmer will step down from his position and take on the role of vice chair of the Lyft board. The company announced that current chairman of Lyft, Sean Aggarwal, will step down from his position but will continue to serve on the board.
Lyft shares rose around 5% night-time on the news.
Lyft 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 history of the company, and I am prepared to take this business to new levels of success.”
In 1997, Risher became the first vice president of product and store development at Amazon. Prior to leaving Amazon in 2002, he held the position of senior vice president of marketing and merchandising and was a top lieutenant of Jeff Bezos, the company’s founder and executive chairman. Since 2021, Risher has served on the board of Lyft.
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