Lyft’s COO apparently stepping down simply 4 months after IPO

It’s been 4 months because Lyft ended up being a public business and now it seems losing its chief running officer. Jon McNeill is apparently stepping down from the function, according to CNBC, which points out an individual knowledgeable about the scenario. Lyft decreased to comment.

The ride-hailing business has actually experienced a rough trip because its launching on the stock exchange at the end of March. After a strong very first day of trading, it’s been a downhill journey. Two sets of shareholders have actually taken legal action against the business for misrepresenting the strength of its service. Lyft’s market price has actually likewise dropped from $22.2 billion in March to $18.6 billion today. 

Lyft isn’t the only ride-hailing business to be having a tough time going public. Rival Uber has actually likewise seen flat trading and a loss of magnates. Along with 3 board members stepping down from Uber’s board over the last 2 months, the business’s Chief Operating Officer Barney Harford likewise left. Both business have actually likewise seen the departures of their chief marketing officers.

McNeill signed up with Lyft as COO in February 2018. He concerned the ride-hailing business from Tesla, where he worked as the president of worldwide sales and service.

Separately on Monday, Uber apparently laid off 400 individuals in its marketing department, according to The New York Times. 

Now playing:
Watch this:

Uber rings in its IPO

0:47

Originally published July 29, 12:05 p.m. PT
Update, 1:47 p.m.: Adds report of layoffs at rival Uber.