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Former Amazon executive David Risher will join the Lyft team as CEO of the company starting next month.
Through a statement, Lyft emphasized Risher’s management experience at Amazon and Microsoftthough he hasn’t worked at either in two decades, according to his LinkedIn profile.
“I am honored to assume the role of CEO at such an important time in the company’s history and I am prepared to take this business to new levels of success,” Risher said in a statement.
Additionally, the ride-sharing company noted that co-founders Logan Green and John Zimmer they will leave their managerial positions.
Green, who is currently CEO, will be succeeded by Risher effective April 17, and Zimmer, Lyft’s president, will step down effective June 30, the company said in a statement.
Both Green and Zimmer will remain with the company in non-executive positions as Chairman and Vice Chairman of Lyft’s Board of Directors, respectively.
Green added in a separate statement that build the company in the last 16 years It has been “the adventure of his life”.
The leadership shakeup at the company comes as it has struggled to turn a profit over the years and after its shares have taken a downturn in recent months, losing more than 13% so far in 2023.
Late last year, the company said it was cutting 13% of its staff, or 700 employees, as part of a larger cost-cutting effort.
When the company made the announcement, it noted that “several challenges playing out across the economy,” including a “probable” recession looming and the increase in insurance costs, led the company to make the decision.
Lyft shares were up about 4% in after-hours trading Monday on the news.
Who is David Risher
david risher He was Amazon’s 37th employee and became the e-commerce giant’s first head of product and head of US retail sales, according to a statement from Lyft.
Risher has been a Lyft board member since July 2021 and has spent the past 13 years working at a nonprofit he co-founded with the goal of getting kids to read more.
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