Changes at Lyft Board
Lyft's shuffling its board again. Mary Agnes Wilderotter and Valerie Jarrett resigned last Friday, citing "other professional responsibilities." The company insists there were no disagreements about operations or policies, though the timing is interesting given they just dealt with a $10 million SEC fine.
The SEC fined Lyft $10 million for failing to disclose payments related to a pre-IPO share sale. They also brought in a new CEO earlier this year - David Risher replaced co-founder Logan Green. That's a lot of change for one company in one year.
The stock's down 9% this year while the S&P 500's up 13.1%. Lyft's competing in a tough market with Uber, but they're still a major player in the gig economy providing flexible work for thousands of drivers and convenient rides for millions.
Both departing board members spoke positively about Lyft's direction on their way out. New board members Prashant Aggarwal and Janey Whiteside are stepping in at a pivotal time. The gig economy is constantly evolving, and Lyft's adapting along with it.