By Yasin Ebrahim
Investing.com -- Lyft appointed Monday board member David Risher as its chief executive officer, succeeding co-founder Logan Green who will step back from managing the company, the Wall Street Journal reported Monday.
Green alongside co-founder John Zimmer, will transition from their full-time executive management positions into non-executive roles as chair and vice chair of the board from April 17, and June 30, respectively.
Risher, who previously served as Amazon's (NASDAQ:AMZN) first head of product and head of U.S. retail — and a general manager at Microsoft (NASDAQ:MSFT) — before co-founding Worldreader, is set to take the helm at the ride-sharing company amid a tough competitive environment.
“The macroeconomy is tough and the world is full of some uncertainty and that’s a real factor for sure and, then, when you zoom in one click, the competitive environment is tough. We have a very aggressive—very aggressive—competitor,” Mr. Risher said in an interview, the WSJ reported.
The company expects to report its Q1 2023 results in early May.
LYFT (NASDAQ:LYFT) was up more than 4% on the news in after-hours trading.