Lyft says two board members have resigned

Ride-hailing platform Lyft Inc. on Friday mentioned that Mary Agnes Wilderotter and Valerie Jarrett had resigned from the corporate’s board, because of what it described as “their other professional responsibilities.”

mentioned in a submitting that the 2 notified the corporate of their resignations on Thursday, including that “neither Ms. Wilderotter nor Ms. Jarrett resigned from the Board due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices.”

In reference to the departures, Lyft’s board appointed Prashant Aggarwal as chair of the nominating and company governance committee, and appointed Janey Whiteside as a member of that committee. The board has additionally lowered the variety of licensed administrators to eight from 10.

Shares of Lyft had been up 0.1% in after-hours buying and selling on Friday. The firm, when reached, declined to supply any additional data past what was within the submitting.

The Securities and Exchange fee final month mentioned that Lyft agreed to pay a $10 million nice to resolve allegations from the company that it didn’t disclose that considered one of its former board members was paid to rearrange a pre-IPO share sale between billionaire traders Carl Icahn and George Soros.

Earlier this yr, Lyft introduced in a brand new chief govt, David Risher, a onetime board member who changed co-founder Logan Green. The firm, in saying the transfer in March, mentioned that Green and co-founder John Zimmer would step again from actively working the corporate, whereas staying on Lyft’s board. Even as ride-hailing recovers from the pandemic, and Lyft tries to compete on pricing, traders have been kinder to shares of Lyft’s greater rival, Uber Technologies Inc.

In an announcement on Friday, each board members praised the corporate.

Wilderotter referred to as her time on the Lyft board “fulfilling” and mentioned she had “full confidence that the team is on the right track.” Jarrett mentioned: “I’m proud to have been part of a company that’s already made such a positive impact and I’ll be rooting for the company from the backseat of my Lyft.”

Risher, in that assertion, mentioned Wilderotter’s and Jarrett’s “strategic insights and relentless focus to do what’s right for riders and drivers have helped position Lyft well for the future. Moving forward, I’m excited about the Board’s ongoing succession planning and focus on ensuring that we have the right skills, experience and diversity around the table.”

Shares of Lyft have fallen 9% to this point this yr. By comparability, the S&P 500 Index
is up 13.1% over that interval.

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