Lyfts COO reportedly stepping down just four months after IPO

Lyfts COO reportedly stepping down just four months after IPO

first_imgLyft has gone through an executive shakeup since its IPO. Lyft It’s been four months since Lyft became a public company and now it appears to be losing its chief operating officer. Jon McNeill is reportedly stepping down from the role, according to CNBC, which cites a person familiar with the situation. Lyft declined to comment.The ride-hailing company has experienced a bumpy ride since its debut on the stock market at the end of March. After a strong first day of trading, it’s been a downhill journey. Two sets of stockholders have sued the company for misrepresenting the strength of its business. Lyft’s market value has also dropped from $22.2 billion in March to $18.6 billion today.  Tech Industry Roadshow Lyft isn’t the only ride-hailing company to be having a hard time going public. Rival Uber has also seen flat trading and a loss of top executives. Along with three board members stepping down from Uber’s board over the last two months, the company’s Chief Operating Officer Barney Harford also left. Both companies have also seen the departures of their chief marketing officers.McNeill joined Lyft as COO in February 2018. He came to the ride-hailing company from Tesla, where he served as the president of global sales and service.Separately on Monday, Uber reportedly laid off 400 people in its marketing department, according to The New York Times.  Related stories Comment Uber rings in its IPO Share your voice 0:47center_img Originally published July 29, 12:05 p.m. PTUpdate, 1:47 p.m.: Adds report of layoffs at rival Uber. Lyft Uber Now playing: Watch this: 1 Lyft posts big loss in first quarter as a publicly traded company Lyft adds two new execs to its roster amid IPO woes Uber loses two top execs one month after the company’s rocky IPO Tagslast_img

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