Incoming Lyft CEO David Risher says rideshare company will 'get back to the basics'
His plan for Lyft involves focusing on customers
New Lyft CEO reveals plan to win back ridership from Uber
Incoming Lyft CEO David Risher discusses the changes he will make to turn the company's stock around on "The Claman Countdown."
The incoming CEO of Lyft on Wednesday said the rideshare company will "get back to the basics" and focus on its customers as it competes with Uber.
David Risher, who will step into the CEO role in mid-April, told host Liz Claman on "The Claman Countdown" that he is "going to build a great company" that is "profitable" and "strong." His plan to do that involves focusing on customers – which he at one point said included both passengers and drivers – "with a laser."
"We’re going to pick you up when we say we are. We’re going to give you a price that’s in line with what the competition does. We’re going to drop you off on time," he said. "That’s the goal – really get back to the basics."
Lyft signage on a vehicle as it exits the ridesharing pickup at San Francisco International Airport in San Francisco on Feb. 3, 2022. (David Paul Morris / Bloomberg via Getty Images / Getty Images)
The former Amazon executive said Lyft’s "first order of business on the change side" is to remind customers the company is "here, and we’re here for you." Lyft, which operates in the U.S. and Canada, wants to "get you back in society after COVID," Risher told Claman.
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"And by the way, we’re not also in the business of delivering pizzas and tuna-fish sandwiches," he continued. "So, you can be pretty sure when you get in our car you’re not going to have to deal with that issue that maybe the guy just dropped off a tuna sandwich at an Uber Eats house."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYFT | LYFT INC. | 16.95 | -0.35 | -2.05% |
| UBER | UBER TECHNOLOGIES INC. | 71.13 | -0.81 | -1.13% |
In addition to rides, competitor Uber has food delivery and other services.
The incoming CEO of Lyft on Wednesday said the rideshare company will "get back to the basics" and focus on its customers as it competes with Uber. (Photo Illustration by Rafael Henrique / SOPA Images / LightRocket / File / Getty Images)
Risher’s appearance on "The Claman Countdown" came just two days after the company revealed that he would become CEO on April 17. He is taking over from Logan Green in the position as the co-founder moves to chair Lyft’s board.
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Co-founder John Zimmer, currently president at Lyft, will also change roles, becoming the board’s vice chair at the end of June, the company said.
John Zimmer, co-founder and president of Lyft Inc., left, and Logan Green, co-founder and CEO of Lyft Inc. (Kyle Grillot / File / Bloomberg via / Getty Images)
In early February, Lyft reported generating $1.18 billion in fourth-quarter revenue, coming in 21% higher year over year. Its net loss for the quarter was $588 million, marking a nearly 108% widening from the $283 million in the same period in the prior year.
Uber, meanwhile, said its fourth-quarter revenue came in at $8.6 billion while its net income came in at $595 million, according to its earnings release.
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"In the end, I think right now our job … is to remind customers why we're a great alternative to the 800-pound gorilla in the room where we're focused on them, not just on packages and pizza and other things, and how we're going to, you know, really work pretty hard, I think, to earn their ridership back, because I think we've fallen a little off to the side," Risher said. "I think it's time to really come back and really, you know, really make a big statement."