Lyft President Kristin Sverchek will leave the company as an employee on Aug. 20 after serving in leadership roles for 12 years.
Sverchek will serve as a non-employee adviser to the company through Nov. 30, Lyft said in a Tuesday (July 23) filing with the Securities and Exchange Commission (SEC).
Lyft added in the filing that Sverchek’s departure is not the result of any dispute or disagreement with the company, and that the circumstances of her departure qualify her to receive severance benefits.
“Kristin helped pour the foundation the entire rideshare industry rests upon,” Lyft CEO David Risher said in the release. “As Lyft’s first general counsel, then president of business affairs and, most recently, as our president, she shaped our company and our sector.”
In the same SEC filing, Lyft said the company has amended and restated its bylaws to make the president position discretionary, not mandatory, for the company.
When Sverchek joined Lyft as general counsel, she was one of the company’s first employees, Lyft said in a Tuesday blog post.
During her time with the company, Sverchek helped shape the first-ever transportation network company (TNC) regulations in California, facilitated Lyft’s many rounds of private financing in the early days, and took the company public in 2019, according to the post.
Sverchek said in the post that now, with Risher at the helm as CEO, “it’s time for me to turn the page on this journey and move on knowing that the company is in great hands.”
“The business is on an exciting trajectory, and I’ll forever be grateful for the opportunities I had at every step along the way,” Sverchek added in the post. “Lyft — and more specifically, Lyft team members — taught me to be a better lawyer, leader, colleague and friend. What a ride it’s been.”
Risher joined Lyft as CEO in April 2023 as the company’s co-founders, Logan Green (CEO) and John Zimmer (president), prepared to transition from their full-time executive management positions into non-executive roles as chair and vice chair of the Lyft board.
Those transitions were effective in April 2023 and June 2023, respectively.
The post Lyft President Kristin Sverchek to Leave Company After 12 Years appeared first on PYMNTS.com.
