Ride hailing firm Lyft Inc has named Amazon.com Inc’s executive Elaine Paul as its new CFO, replacing Brian Roberts who is stepping down after seven years in the role.
Paul will take up the new position from January the 3rd. She is currently the Chief Financial Officer and Vice President of Amazon Studios, the film and web series producing unit of Amazon.
The transition comes at a time when Lyft and rival Uber Technologies are attempting to cut their costs in order to make up for a decline in ridership and a lack of drivers due to the ongoing COVID-19 pandemic.
“There will be no spoilers today, but I have found an exciting frontier opportunity with mission-driven founders focused on serving their community,” Roberts said in a LinkedIn post.
Lyft said Roberts’ departure is not the result of any dispute or disagreement with the company or its board.
“Over the past seven years, Brian has made a huge contribution to Lyft. With his support and leadership, Lyft went public and reached adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) profitability — two critical milestones,” said Logan Green, Lyft’s co-founder and CEO.
Before joining Amazon, Paul, 54, served as the CFO of Hulu for six years, prior to which she worked at Walt Disney Co for 19 years in senior finance, strategy and business development roles.
Roberts will remain as an adviser until June 2022 to assist with the transition, Lyft said.
The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Manojna Maddipatla in Bengaluru. Editing by Amy Caren Daniel.
You can stay on top of all the latest developments across the platform economy, find solutions to your key challenges and gain access to our problem-solving toolkit and proprietary databases by becoming a member of our growing community. Platform Executive has two membership tiers, Community (FREE) and Premium ($195 per year), which offer different levels of access to our products and services.