Tag: lyft
Stripe, a Longtime Partner of Lyft, Signs a Big Deal With Uber
Lyft will remain a customer of Stripe’s, Stripe president Will Gaybrick confirmed to TechCrunch. Financial terms of the deal are not being disclosed, but as with the rest of Stripe’s payments business, a big component will come from commissions that Stripe will make from each transaction that it powers on Uber’s platform. The Uber partnership, expected to be announced formally later today at Stripe’s user conference, comes on the heels of recent enterprise deals Stripe has inked with Amazon, Microsoft and BMW. But this partnership — for now at least — is not a global adoption of all that Stripe has to offer. Uber will be using Stripe to break into a specific, new payments frontier. Specifically, it will integrate Stripe Financial Connections and Link to let users import banking details to pay for services like Uber Rides and Eats directly from bank accounts, giving users a payments alternative to credit or debit cards.
Read more of this story at Slashdot.
Lyft Demands Employees Return to Office in September
No longer. On Friday, David Risher, the company’s new chief executive, told employees in an all-hands meeting that they would be required to come back into the office at least three days a week, starting this fall. [Although the Times adds later that “People will be allowed to work remotely for one month each year, and those living far from offices would not be required to come in.”]
It was one of the first major changes he has made at the struggling ride-hailing company since starting this month, and it came just a day after he laid off 26 percent of Lyft’s work force.
“Things just move faster when you’re face to face,” Mr. Risher said in an interview. Remote work in the tech industry, he said, had come at a cost, leading to isolation and eroding culture. “There’s a real feeling of satisfaction that comes from working together at a whiteboard on a problem.”
The decision, combined with the layoffs and other changes, signals the beginning of a new chapter at Lyft. It could also be an indication that some tech companies — particularly firms that are struggling — may be changing their minds on flexibility about where employees work. Nudges toward working in the office could soon turn into demands, as they have at companies like Disney and Apple…
Lyft also planned to tell employees that it would reduce their stock grants this year, according to a person familiar with the decision.
Risher “said the cost savings from the layoffs would go toward lower prices for riders and higher earnings for drivers,” the Times adds, noting that last month Lyft’s two founders said they’d step down after disappointing financial results. (Lyft’s stock price closed Friday at $10.25 — down from a peak of $78.)
Bob Sutton, a Stanford professor and organizational psychologist, suggests another possible motivation to the Times: executives worried about financial stress “feel compelled to increase their own illusion of control.”
Read more of this story at Slashdot.
: Lyft layoffs: Third round to ‘significantly’ slash workforce, new CEO tells workers
Lyft to make ‘significant’ cuts across ride-hailing company
Lyft’s newly appointed CEO David Risher told employees in an email Friday that the company is significantly reducing its workforce as part of a restructuring effort. Risher said the restructuring is part of Lyft’s plan to “better meeting the needs of riders and drivers.” The company confirmed that it has not changed its guidance for […]
Lyft to make ‘significant’ cuts across ride-hailing company by Kirsten Korosec originally published on TechCrunch
Lyft hails new leadership, layoffs come for Lucid and Waymo retires its self-driving minivan
The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive the full edition of the newsletter every weekend in your inbox. Subscribe for free. Welcome back to The Station, your central hub for all past, present and future means of moving people and packages from Point […]
Lyft hails new leadership, layoffs come for Lucid and Waymo retires its self-driving minivan by Kirsten Korosec originally published on TechCrunch
Lyft might drop shared rides, stay focused on basics under new CEO
Lyft might once again drop its shared rides offering, just one of several changes the company’s newly appointed CEO could make in a bid to focus on its core ride-hailing business and become profitable. David Risher, who is taking over as Lyft’s CEO in mid-April, told TechCrunch in a wide-ranging interview that other features may […]
Lyft might drop shared rides, stay focused on basics under new CEO by Rebecca Bellan originally published on TechCrunch
: New Lyft CEO: ‘I don’t think of this as just an Uber battle. It’s a battle against staying at home.’
: Lyft brings in new CEO, pushing co-founders from helm after stock’s plunge
Lyft co-founder Logan Green is stepping down as CEO
More than a decade into its life, Lyft is bringing on a new chief executive officer. On Monday afternoon, the company announced current CEO and co-founder Logan Green would hand day-to-day operations of Lyft to David Risher, a former Amazon executive, on April 17th. That same day, Green will take over as chair of Lyft’s board of directors. The announcement is part of a larger executive shuffle that will also see Lyft president and co-founder John Zimmer move to the company’s board where he will serve as its vice chair. Zimmer’s last day as president will be June 30th.
Green and Zimmer founded Lyft in 2012 and successfully took the company public in 2019. Since its IPO, however, the value of Lyft’s stock has dropped dramatically. Following an initial high of $78.29 per share in 2019, the stock hit a record low of $9.60 per share earlier today. On February 9th, the day Lyft announced its Q4 2022 results, the stock shed 36 percent of its value after Green delivered what was widely considered one of the worst earnings calls in recent memory, telling investors the company would need to increase spending to stay competitive with Uber. To say Lyft’s new CEO has his work cut out for him would be an understatement. The company has never reported a profit, and, barring a surprise breakthrough in autonomous driving, it has a difficult path ahead due to the economics of ride-sharing. Still, Risher is definitely qualified to turn Lyft around having previously served as Amazon’s first head of product and head of US retail.
This article originally appeared on Engadget at https://www.engadget.com/lyft-co-founder-logan-green-is-stepping-down-as-ceo-221928157.html?src=rss