- Lyft's leadership shakeup this week was a long time coming, as some employees grew increasingly disgruntled over the company's dwindling market share and stock value. With competitors like Uber breathing down their necks, it's no wonder some folks were questioning the co-founders' leadership.
- Lyft has announced that its founders, CEO Logan Green and President John Zimmer, will be relinquishing their day-to-day management roles soon. In their stead, the company has named David Risher, a board member with extensive experience in both big tech companies and nonprofit organizations, as their new CEO.
Why it matters
Lyft's co-founders stepped back from their roles due to personal reasons. Mr. Green wanted to spend more time with his family and had asked the board to find a replacement a few months ago. Meanwhile, Uber has continued to dominate the market, causing Lyft's market share to plummet and its overall value to drop by 85% in just two years, from almost $22 billion to under $3.5 billion.