Lyft said on Monday that CEO Logan Green and President John Zimmer are stepping back from running the company they cofounded in 2012.
In a press release, Lyft said that Green and Zimmer will now serve as chair and vice chair of the board of directors as of April and June, respectively. They will no longer have a hand in day-to-day operations of the struggling ride-hailing firm.
David Risher, a current Lyft board member with prior management experience at Amazon and Microsoft, will become CEO on April 17.
“I can’t wait for what’s next, and look forward to working with our deeply capable successor, David, to improve people’s lives with the world’s best transportation,” Zimmer said in a statement.
Lyft went public in a 2019 IPO worth $24 billion. Since then, however, its stock has slid more than 85% amid heavy competition from Uber, depressed demand during the pandemic and ongoing skepticism about the ride-hailing business model.
In a note on Monday, Wedbush Securities analyst Dan Ives called Lyft’s management shuffle a welcome move as shareholders look to a possible sale of the company.
“Mr. Risher has his work cut out ahead, as we believe all options are now on the table for Lyft—including a potential sale with a new CEO in the seat,” Ives wrote.