Lyft CEO Explores Strategic Options for Bike and Scooter Unit
Lyft CEO David Risher is making efforts to strengthen the company, focusing on improving its operations and expanding its services.
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David Risher
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Lyft Implements Major Restructuring, Laying Off 26% of Workforce and Calling Employees Back to Office.
Lyft's new CEO, David Risher, has announced that employees will be required to work in the office at least three days a week starting this fall, reversing the company's previous policy of fully flexible work. The decision comes after Risher laid off 26% of the company's workforce and aims to streamline the business, cut costs, and focus on improving the quality and lowering the price of Lyft's core product. Risher also plans to remind riders that Lyft is a viable alternative to Uber and gradually introduce products to increase interest in the platform.
Lyft announces significant job cuts to reduce costs.
Lyft CEO David Risher announced in a staff-wide email that the rideshare company will soon undergo significant layoffs, with at least 1,200 employees expected to lose their jobs. Risher cited the need to bring costs down and invest in competitive pricing, faster pick-up times, and better driver earnings. The company's total headcount was around 4,400 at the end of 2022. The layoffs will take place on April 27, and impacted employees will receive at least 10 weeks of pay, six months of continued healthcare coverage, and job-hunting resources.
Lyft to Cut 1,200 Jobs in Cost-Cutting Move.
Lyft's new CEO, David Risher, announced plans to "significantly reduce" the company's workforce in an effort to make it a "faster, flatter company where everyone is closer to our riders and drivers." The move comes after Lyft cut 13% of its workforce in November and is struggling to turn a profit. The extent of the cuts is not yet clear, but The Wall Street Journal reported that at least 1,200 positions or upward of 30% of its staff could be eliminated. Risher, an Amazon veteran, will take over as CEO in April.
Lyft's New CEO Prioritizes Basics and Profitability in Competitive Rideshare Market
Incoming Lyft CEO David Risher plans to focus on customers and "get back to the basics" of providing reliable and timely rides at competitive prices. Risher, a former Amazon executive, wants to remind customers that Lyft is "here for you" and not in the business of delivering food or other services like competitor Uber. Lyft's co-founders will step down from their current roles, with Risher taking over as CEO in mid-April. The company reported $1.18 billion in Q4 revenue, but also a net loss of $588 million.
Lyft's CEO faces challenges in competing with Uber and cutting costs.
Lyft's incoming CEO, David Risher, says the company is ready to fight back against larger rival Uber and focus on providing a great experience to customers. Risher, an Amazon veteran, will take over as CEO on April 17, replacing cofounders Logan Green and John Zimmer. Lyft's stock price has plunged 76% in the past year amid growing market-share loss to Uber. Risher is open to further cost cuts and says a sale of Lyft is always an option, but the focus is on creating a great service that will be valuable as a standalone company or something else.
Lyft Co-Founders Step Down, Replaced by Former Amazon Exec as CEO.
Lyft's co-founders, Logan Green and John Zimmer, will step down from their day-to-day responsibilities at the company, which has struggled through layoffs and disappointing financial results even as Uber, its biggest rival, has strengthened. David Risher, the CEO of a nonprofit called Worldreader and a member of Lyft's board, will replace Mr. Green as chief executive. Lyft's business has been slow to rebound from the lockdowns of the early days of pandemic, as driver supply problems have caused high prices and long waits for passengers.