A week after assuming the role of CEO at Lyft, David Risher said on Friday that 'we will significantly reduce the size of the team.'
A spokesperson for Lyft declined to comment on the specific number of cuts, but the Wall Street Journalrelated investing news"I'm confirming that we will significantly reduce the size of the team as part of a restructuring to focus on better meeting the needs of riders and drivers," Risher told Lyft employees in an email that was published on Lyft'sLyft stock was unchanged on the news.
Lyft has struggled since its IPO in 2019 as its primary competitor Uber has remained ahead in terms of market share and market capitalization. Lyft debuted at $72 and now trades under $10. "David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings," a Lyft spokesperson told CNBC. "This is a hard decision and one we're not making lightly."
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