12:33 PM EDT, 06/04/2024 (MT Newswires) -- Glass Lewis issued a Controversy Alert on LYFT ( LYFT ) last Thursday ahead of the ride-sharing company's annual general meeting on June 13.

In its alert, Glass Lewis flagged what it described as "egregious governance practices" and "excessive compensation."

It focused on the compensation that it said Lyft ( LYFT ) granted to David Risher, the company's chief executive officer who succeeded Logan Green on April 17 last year. As part of his compensation, Lyft ( LYFT ) granted Risher 12,250,000 performance share units with a reported value of $73 million, according to the alert.

The grant "is meant to serve as Mr. Risher's sole equity award during his initial term of four years (unless the compensation committee determines additional equity awards are needed due to unexpected changes in the business or other unforeseen factors)," the alert stated.

It added that the award vests on achievements of nine share price hurdles and that the first hurdle was already achieved in the first quarter of FY 2024, approximately one year after granting.

Founders Logan Green and John Zimmer stepped away from their executive positions to become non-employee advisers for a one-year period and will be non-employee directors, the alert added.

Lyft ( LYFT ) had not responded to a request for comment from MT Newswires at the time of publication.

The theme raised in the Glass Lewis Controversy Alert falls under the Environmental, Social and Governance category.

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