Business
Lyft Announces Updates to Board of Directors and Enhanced Voting and Governance Structures
Co-Founders Logan Green and John Zimmer to Step Down from Lyft Board and Convert Class B Shares Sean Aggarwal Elected Board Chair, Maintaining Board
About this update from Lyft, Inc.
[{"type":"text","content":"\nCo-Founders Logan Green and John Zimmer to Step Down from Lyft Board and Convert Class B Shares\n\n\nSean Aggarwal Elected Board Chair, Maintaining Board Leadership and Enhancing Independence\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nLyft, Inc. (Nasdaq: LYFT) today announced that its co-founders, Logan Green, Chair of the Board, and John Zimmer, Vice Chair of the Board, intend to step down from the Lyft Board of Directors (the “Board”) on August 14, 2025, marking the successful completion of a two-year transition plan. Green and Zimmer will also convert all shares of Lyft Class B common stock to Lyft Class A common stock on August 15, 2025. Following the conversion, all holders of Lyft common stock will hold Class A common stock with equal voting rights, and Green and Zimmer will collectively own approximately 9.69 million shares of Lyft Class A common stock.\n\n\nIn connection with the transition, Sean Aggarwal has been elected to serve as Chair of the Board, enhancing the Board’s independence. Aggarwal joined the Board in 2016, served as Chair of the Board from 2019 to 2023 and was appointed Lead Independent Director in 2023.\n\n\nGreen and Zimmer commented, “Lyft has experienced outstanding growth and execution over the last two years under David Risher’s leadership, which is exactly what we were hoping for when we recruited him as CEO. It’s clear that Lyft has the right team in place, which gives us confidence that it’s time to complete the succession process we began two years ago. We are incredibly proud of the strong business progress and purpose-driven culture our team upholds. Lyft has a very exciting future ahead and we look forward to being two of Lyft’s biggest supporters as it continues to shape the future of transportation.”\n\n\n“On behalf of the Lyft Board, I want to thank Logan and John for their visionary leadership and steadfast dedication to our company,” said Aggarwal. “Together, they paved the way not only for Lyft’s success, but for rideshare globally. Logan and John’s decision to eliminate the dual-class structure and establish a one-share, one-vote standard for Lyft stockholders delivers yet another benefit for our stockholders. It is consistent with the Board’s interest in pursuing best-in-class governance initiatives and reflects our confidence in Lyft’s future.”\n\n\nDavid Risher, Lyft CEO, said, “Log...