Lyft Co-Founders Step Down, Convert Class B Shares to Class A.

Lyft co-founders Logan Green and John Zimmer will step down from the company's board of directors on August 14, 2025, marking the completion of a two-year transition plan. They will also convert their Class B shares to Class A shares, which will have equal voting rights. Sean Aggarwal will be elected as the new board chair, enhancing the company's governance structures.

Lyft Inc. (NASDAQ: LYFT) announced on Thursday that its co-founders, Logan Green and John Zimmer, will step down from the company's board of directors on August 14, 2025, marking the completion of a two-year transition plan [1]. They will also convert their Class B shares to Class A shares, which will have equal voting rights. Sean Aggarwal, who previously served as the chair of the board from 2019 to 2023, will be elected as the new board chair, enhancing the company's governance structures [2].

Green and Zimmer founded Lyft in 2012 and have been instrumental in the company's growth, expanding its operations across four continents and nearly 1,000 cities [1]. They have now decided to step down to allow the company to continue its growth under new leadership. Green will continue to serve as a venture partner at Autotech Ventures, a firm investing in the mobility and transportation sector. Zimmer is launching a new consumer-focused business venture named YES& [1].

The transition plan includes the conversion of all Class B shares to Class A shares, which will give all shareholders equal voting rights. This move is part of Lyft's commitment to best-in-class governance and reflects the company's confidence in its future [2].

Sean Aggarwal, who has significant experience serving in senior roles at major public technology companies, will lead the board as chair. His appointment enhances the board's independence and operational expertise [2]. Lyft's CEO, David Risher, who has been leading the company since 2023, expressed his gratitude for Green and Zimmer's leadership and confidence in the company's future [2].

With these changes, the board will reduce its size to seven members, six of whom are independent. Lyft's recent quarterly results show revenue of $1.59 billion in the second quarter, which was slightly below estimates, but rides on the platform grew 14% to a record high of 234.8 million [1].

References:
[1] Reuters. (2025). Lyft co-founders Logan Green and John Zimmer step down from board. Retrieved from https://finance.yahoo.com/news/lyft-co-founders-step-down-210724015.html
[2] Business Wire. (2025). Lyft announces updates to board of directors and enhanced voting and governance structures. Retrieved from https://www.businesswire.com/news/home/20250814348726/en/Lyft-Announces-Updates-to-Board-of-Directors-and-Enhanced-Voting-and-Governance-Structures