Lyft (NASDAQ:LYFT) stock is a hot topic among traders on Tuesday after the ride-sharing company revealed a new CEO!
This comes as co-founder and CEO Logan Green switches to the non-executive role of board chairman. This will result in David Risher taking over as the next CEO of Lyft starting on April 17.
Risher is a veteran in the tech space and has held leadership positions at both Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT). He joined Luyft’s board of directors back in July 2021 and was selected for the CEO role after a search for the company’s next leader.
Risher will have full leadership responsibilities at Luft when he takes on the CEO role. That’s due to co-founder and president John Zimmer switching to the non-executive vice chairman of the board role alongside Green.
What Wall Street Thinks About the CEO Change
Bloomberg Intelligence analyst Mandeep Singh said the following about Lyft getting a new CEO:
“The decision suggests that Lyft is in a tough competitive position, given operational challenges vs. larger rival Uber. Amid a risk of cash burn and market-share loss, we think Lyft may explore strategic options, including a sale.”
The new LYFT news has stock climbing 3% higher as some 12 million units change hands. For comparison, the company sees some 20 million shares trade on average each day.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.