Lyft to pick up new CEO amid deepening post-pandemic losses

Lyft co-founders Logan Green and John Zimmer are relinquishing their leadership roles to make way for a former Amazon executive as the ride-hailing service struggles to recover from the pandemic while long-time rival Uber has been regaining its momentum.

David Risher, who helped build Amazon into an e-commerce powerhouse, will replace Green as CEO. Green will remain involved with Lyft as its non-executive chairman while Zimmer will be vice chairman after he leaves management.

The shake-up comes about a month after Lyft disclosed that it suffered a $588 million loss for the final three months of last year, more than doubling from the same 2021 period, and provided a dismal outlook for 2023. That deepened a downturn in Lyft's stock, which has pushed its shares below $10, a roughly 80% drop from their price at the end of 2019, just a few months before the declaration of a global pandemic brought the demand for ride-hailing services to a screeching halt.