Lyft hires new CEO following stock nosedive

Photo by: Lyft
Photo by: Lyft

(San Francisco, CA) -- Ride-sharing service Lyft has hired a new CEO as a recent earnings report prompted the company's co-founders to step back from management.

David Risher, a former manager at Amazon and Microsoft, is taking over as chief executive of the Silicon Valley enterprise.

The move comes after Lyft's stock price dropped 70-percent in the last year, despite ride numbers returning to pre-pandemic levels.

The app's primary competitor, Uber, now presides over 74-percent of the U.S ride-share market, and Risher hopes to reestablish Lyft as a "strong number two."