(Image credit- Variety)
Just a few months after appointing a new CEO, Lyft revealed today that Chief Financial Officer Elaine Paul will be departing the organization. Erin Brewer was named as Paul’s successor for this role after the announcement.
Chief Financial Officer Elaine Paul is resigning from her role with Lyft after holding it since January 2022. She is leaving the company just a few months after co-founders Logan Green and John Zimmer announced their resignations as CEO and President, respectively, according to Reuters.
Paul is a seasoned leader who has a proven track record of accelerating growth in tech and consumer-focused sectors. At the time, Green and Zimmer said, “Elaine has made a career of thinking differently in established markets and knows how to create incredible value for both the business and our customers.”
She formerly served as Disney’s Senior Vice President of Corporate Strategy, Business Development, and Technology, Hulu’s Chief Financial Officer, Amazon Studios’ Chief Financial Officer and Vice President of Finance, and the Internet Group’s Vice President of Business Development.
Lisa Blackwood-Kapral, chief accounting officer, will now act as interim finance chief up until the changeover. Paul is likely to leave her position on May 19 and be replaced by someone else on July 10. Until November 30 of this year, she will continue to serve as an advisor.
New CFO for Lyft
Erin Brewer has been appointed as Lyft’s new chief financial officer, effective July 10, the business announced. Erin has led high-growth organizations, operated effectively at scale, and put consumers at the core of her work, according to current CEO David Risher, which is why she was picked as the new CFO.
From approximately two and a half years ago until October of last year, Brewer served as Schwab’s managing director of enterprise finance. She spent 13 years in several executive positions at McKesson before becoming the Head of Strategy and Finance at Atlassian. Risher continued, “I’m excited to work with her to lead the charge to growth and profitability.
According to the reports, Brewer will receive a base salary of $650,000 per year along with a matching signing bonus that will be paid in two equal payments. She will also receive a performance-based stock award of $7.2 million and a restricted stock award with a grant date value of $10.8 million.
After serving as president and CEO of Lyft for 11 years, co-founders Green and Zimmer left the organization as part of the leadership restructuring. Both continue to serve on the board, although former Amazon executive David Risher has taken their places.
Also read: In a new restructuring plan, Lyft will lay off 26% of its workforce
Under Risher’s direction, a number of modifications and new directives have been put into effect since then. This includes cutting 1,072 individuals from its staff, abandoning shared ride services as a new tactic, and enforcing a return-to-office rule for its remote workers.