UBER - Lyft picks board member David Risher to be new CEO
2023-03-27 16:49:06 ET
- Lyft ( NASDAQ: LYFT ) has selected board member David Risher as its new CEO, replacing the company's two co-founders as the ride-sharing firm struggles in competition with Uber Technologies ( UBER ).
- Risher, who previously served as an executive at Amazon ( AMZN ) and Microsoft ( MSFT ), has been a member of the company's board of directors since 2021.
- Company co-founders Logan Green and John Zimmer, who previously served as CEO and President, will move into non-executive roles as Chair and Vice Chair of the company's board, effective April 17 and June 30, respectively.
- In addition, Lyft ( LYFT ) reiterated its first-quarter revenue, contribution margin and adjusted EBITDA outlook for the first-quarter.
- Lyft ( LYFT ) shares rose more than 5% in after-hours trading to $10.11 following the news, while Uber ( UBER ) shares were little changed.
- Earlier this month, Lyft ( LYFT ) and Uber ( UBER ) received a win after a California court declared that ride-sharing and other drivers are independent contractors and not company employees .
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Lyft picks board member David Risher to be new CEO