The company that brought us Uber, Lyft, and now Lyft Ride, has finally got a new CEO.
The ride-sharing startup announced Wednesday that Tim Draper, former CEO of Uber, will become president and chief executive officer.
Draper will also step down as CEO of Lyft, but will remain chairman and CEO of the company.
The company has announced it will continue to operate independently.
He will also serve as president of the board.
Draper is currently the CEO of investment firm Draper Fisher Jurvetson.
He has been at Draper Fisher since 2014.
He was an executive at Microsoft, where he was responsible for building the company’s new Windows platform.
The new CEO also will oversee the company and its $6 billion in cash.
Draper’s previous job was as chief financial officer at eBay.
“Tim is a true believer in ride-hailing as a viable new business model for the American economy and as an opportunity to deliver an innovative platform for the ride-service industry,” Lyft founder and CEO Logan Greenblatt said in a statement.
“We are grateful for his leadership and look forward to working with him as he continues to lead our team.”
He joins a startup with more than a decade of experience in ride sharing, and is the only CEO in the space since the start of Uber’s expansion into the US and Europe in 2011.
The firm’s business model is called Lyft for short.
Instead of owning and operating their own cars, drivers rent out a space to take passengers from their home to the destination, or vice versa, with an option to pay for rides as well.
Uber has been a pioneer in ride share technology, launching its UberPool program in 2009, and later its UberPOP service in 2012.
It has also expanded to more than 30 cities across the US, and has plans to expand to 50 cities by the end of the year.
The rise of ride sharing has led to some serious competition in the market.
A number of other ride sharing companies, including Uber, are now competing with Lyft.
Uber’s business has suffered from a lack of experience, according to the company, which is also owned by Uber.
Its valuation was undervalued at the time of the IPO, according the New York Times, but was still around $40 billion when it was acquired in 2014.
But since then, the company has lost money.
Lyft’s valuation is now around $5 billion, according Reuters.
“In the space of a decade, the number of people using ride sharing services has grown by a factor of 10,” Lyft said in its IPO filing.
“It’s been a rollercoaster ride.”
Lyft launched in July 2017.
In October, the firm launched its first ride in Washington, D.C. in the middle of the night.
At the time, Lyft said it was the largest public ride sharing company in the country.
Its first two years of operations were successful, but the company went through some rough patches.
It filed for Chapter 11 bankruptcy protection in January 2018, and in February it announced it was seeking to raise $4 billion.
But in the first week of May, it filed for bankruptcy protection again.
The two-year-old company has been in bankruptcy since October.
It was acquired by SoftBank in July 2018.
Lyft has been accused of making too many bad deals and is under investigation by the Federal Trade Commission.
It is currently being sued by a former employee, Anthony Levandowski, who claims he was fired for making too much money.
Uber is also facing lawsuits from former employees, and Uber’s CEO, Dara Khosrowshahi, is being investigated by the Securities and Exchange Commission.
Lyft, Lyft for Short, is not a ride sharing service.
It’s not an Uber competitor, but it is a ride share service that has been criticized for making some bad deals.