New Lyft Chief Executive David Risher tells employees that company needs to cut costs, deliver profitable growth.
Lyft Inc. is laying off a significant part of its workforce, the ride-hailing company’s new chief executive told employees in a Friday email, as he tries to cut costs and keep up with a much bigger rival, Uber Technologies Inc.
The Wall Street Journal first reported that the cuts will amount to 30% of the company’s workforce, or about 1,200 employees. Lyft LYFT does not consider its ride-hailing drivers employees.“We need to be a faster, flatter company where everyone is closer to our riders and drivers so we can deliver on this purpose,” new CEO David Risher said in his email to the staff. “And we need to bring our costs down to deliver affordable rides, compelling earnings for drivers, and profitable growth.
Lyft has been struggling while rival Uber UBER has gained ride-hailing share and built up its delivery business, Uber Eats, over the past couple of years. Lyft has seen its stock fall almost 70% in the past year, with the biggest fall coming after the company’s last earnings report.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Lyft CEO says rider, driver experience top priority as it competes with UberThere's a new CEO steering Lyft as it continues to vie with Uber. David Risher just stepped into the job and has told FOX Business 'great' rider and driver experiences are a 'big focus.'
Read more »
Analysis | AOC, Markey try to influence new climate law with a new Green New DealAnalysis: Sen. Markey, Rep. Ocasio-Cortez reintroduce Green New Deal to shape climate law implementation
Read more »
Mayor-Elect Brandon Johnson Names His Incoming Chief of Staff, First Deputy Chief of StaffMayor-elect Brandon Johnson on Thursday revealed some of his top picks for his administration when he takes office next month.
Read more »
BuzzFeed Moves to Close BuzzFeed News, Lays Off 15% of StaffBuzzFeed is laying off 15% of its staff and making plans to end BuzzFeed News, as it contends with ongoing business challenges, its chief executive said in a note to employees
Read more »
Hospitality brand has a new name, investor, headquarters, and clubs - CEO SpotlightDavid Pillsbury, the CEO of Invited, formerly Club Corp. joined David Johnson to discuss the changes the company has made over the last couple years.
Read more »
Space Force chief says U.S. is facing a 'new era' of threats beyond EarthThe message comes at a key moment as space rapidly commercializes and a heightened geopolitical backdrop increasingly sees threats extending beyond Earth.
Read more »