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"When Risher became CEO of Lyft in April 2023, after serving on its board of directors for almost two years, the company's stock was trading at about $9 per share, well below its IPO price of $72 per share. At the time, its U.S. market penetration was about 26% or 27%. Lyft, once hailed as an innovator and a whimsical alternative to Uber, was stagnating."
"Risher has sought to address both issues: Early in his tenure, for example, he noted that customers experienced a cancellation about 15% of the time. When Risher expressed concern over the stat, employees shrugged it off. Eventually a driver would show up, and rides were completed 99% of the time. "I said, 'Okay, but 100% of the time, it's annoying,'" Risher recalls."
David Risher became Lyft CEO in April 2023 after serving on its board, taking over a company with shares near $9 and U.S. market penetration around 26–27%. Lyft's stock was far below its $72 IPO price and the company had stagnated. Risher brought an Amazon-influenced customer-obsession mindset and identified lost focus on riders and internal overthinking. He targeted operational pain points such as a roughly 15% cancellation rate, noting that although rides ultimately completed 99% of the time, frequent cancellations still annoyed customers. Risher emphasized action over additional internal studies to address rider experience.
Read at Fast Company
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