Lyft Appoints New CEO In Move That May Set Stage for a Sale
- Ride-share company has been marginalized by bigger rival Uber
- Lyft struggled to turn a profit and was crushed by pandemic
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Lyft Inc. shares rose after the company tapped David Risher to be its new chief executive officer, replacing co-founder Logan Green and setting the stage for a potential sale as the ride-hailing company struggles to compete with bigger rival Uber Technologies Inc.
Green, and co-founder and current President John Zimmer will step back from daily operations after more than a decade with the company but remain on the board, Lyft said in a statement on Monday. Risher, 57, who has been a Lyft board member since 2021, has held previous roles as head of product at Amazon.com Inc. and as a general manager at Microsoft Corp. before launching his own startup called Worldreader. He will take over on April 17.