(Reuters) – Ride-hailing firm Lyft Inc’s co-founder Logan Green has stepped down as CEO and will be replaced by board member David Risher in the top role, the Wall Street Journal reported on Monday.
Shares of the company rose about 5% in trading after the bell.
The report added that President John Zimmer and Green will remain members of the board but not take part in daily operations.
Last month, Lyft’s forecast fanned concerns that the company’s price cuts to avoid being a distant second to Uber in the North American ride-sharing market would squeeze profits.
Lyft did not immediately respond to a Reuters request for comment.
(Reporting by Akash Sriram in Bengaluru; Editing by Devika Syamnath)
