Lyft Founders Leaving Executive Management Positions; Green Will Become Chairman; Maintaining FVE

We are maintaining our $34 fair value estimate on Lyft. The firm announced that its founders, Logan Green and John Zimmer, plan to no longer hold executive management positions. In addition, David Risher will replace Green as the CEO of Lyft beginning on April 17. Green will become the chairman of the firm’s board, while Zimmer, currently the firm’s president, will leave his position on June 30, but will remain the vice chairman of the board. Lyft also maintained its first-quarter revenue guidance of $975 million (an 11% increase from 2022) and adjusted EBITDA between $5 million and $15 million.