02:28 PM EDT, 08/15/2025 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

Lyft ( LYFT ) shares were up 9% in recent Friday trading after the company disclosed late Thursday that Chair Logan Green, also a co-founder, has stepped down, effective Aug. 14, marking the completion of a two-year transition plan.

As part of the leadership succession, Co-founder John Zimmer, who is also the board's vice chair, also stepped down as of the same date, the ride-hailing company said.

Green and Zimmer will convert all shares of Lyft Class B common stock to Lyft Class A common stock on Aug. 15, the company said.

Following the conversion, all holders of Lyft ( LYFT ) common stock will hold Class A common stock with equal voting rights, and Green and Zimmer will collectively own about 9.69 million shares of Lyft Class A common stock, the company said.

Green plans to continue to serve as a venture partner at Autotech Ventures. Zimmer is launching a new consumer-focused business venture called YES&.

In connection with the transition, Sean Aggarwal has been elected to serve as chair. He joined the board in 2016, served as chair from 2019 to 2023, and was appointed lead independent director in 2023. Aggarwal formerly served as the chief financial officer of Trulia, which was acquired by Zillow (ZG).

With these changes, the board will reduce its size to seven members, six of whom are independent, Lyft ( LYFT ) said.

Price: 15.94, Change: +1.32, Percent Change: +9.03