Changes at Lyft Board

Lyft announced significant changes to its board of directors last Friday. Mary Agnes Wilderotter and Valerie Jarrett resigned due to “other professional responsibilities.” The company was quick to clarify that the resignations were not due to any disagreements regarding Lyft’s operations or policies. In their place, the board appointed Prashant Aggarwal as chair of the nominating and corporate governance committee and added Janey Whiteside to the same committee.

These changes come after the SEC imposed a $10 million fine on Lyft for failing to disclose payments related to a pre-IPO share sale. Earlier this year, Lyft also welcomed a new CEO, David Risher, who replaced co-founder Logan Green. As Lyft tries to bounce back from the pandemic and compete with its larger rival, Uber, its shares have fallen by 9% this year, compared to a 13.1% rise in the S&P 500.

Both departing board members praised Lyft’s current direction, expressing confidence in the company’s future.