Lyft president and CEO stepping down, to be replaced by former Amazon executive David Risher

Lyft announced that its cofounders, Logan Green, who serves as CEO, and John Zimmer, who serves as president, will soon take a step back from their day-to-day duties.

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Starting on April 17, when Green steps aside to take on the role of board chair, David Risher, a former retail executive at Amazon, will be the company's CEO. On June 30, Zimmer will step down from his position and take over as vice chair of the Lyft board. Sean Aggarwal, Lyft's current chairman, will leave his position but continue to serve on the board, the firm announced.

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With the announcement, Lyft stock increased by almost 5% after hours.

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Lyft was established in 2012 by Green and Zimmer, and it went public in 2019. Over the past year, shares of Lyft have decreased by more than 70%.

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In a statement, Risher said, "I am ready to lead this firm to new levels of success and am thrilled to come into the CEO post at such a significant time in the company's history."

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As the company's first vice president of product and store development, Risher joined Amazon in 1997. Prior to leaving the firm in 2002, he was a key aide to Jeff Bezos, the founder and executive chairman of Amazon. He later held the position of senior vice president of marketing and merchandising. Since 2021, Risher has served on the board of Lyft.