Lyft Co-Founders Step Down as David Risher Takes Over as CEO

Lyft, the popular ride-sharing service, announced today that co-founders John Zimmer and Logan Green will be stepping down from their positions as CEO and president, respectively. In their place, David Risher, a former Amazon executive, has been named as the new CEO of Lyft.

Risher, who has experience with tech-focused companies such as Amazon, will be tasked with leading Lyft through challenging times. The company has struggled to compete with Uber, its larger rival in the ride-sharing market, and has faced criticism for its treatment of drivers and its failure to turn a profit.

In a statement, Zimmer and Green expressed confidence in Risher’s ability to lead Lyft to success. “We’re excited to welcome David to the Lyft team and believe that his experience and leadership skills will be invaluable as we continue to grow and evolve as a company,” they said.

Risher, for his part, said he was honored to be joining the company. “Lyft has built an amazing platform that is transforming the way people move around cities,” he said. “I’m excited to work with the team to continue building on that legacy and drive the company forward.”

Zimmer and Green will remain involved with the company as co-founders and members of the board, but will step back from day-to-day management positions. The move is part of a larger effort by Lyft to position itself for long-term growth and profitability in an increasingly competitive market.

Investors appeared to respond positively to the news, with Lyft’s stock price up nearly 5% in early trading.