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Lyft revealed on Tuesday that President Kristin Sverchek will step down from her role on August 20. The company emphasized that Sverchek’s departure is not the result of any internal disagreements or operational issues and is unrelated to Lyft’s policies or management.
Sverchek, who has been with Lyft since 2012, has held various roles including general counsel and president of business affairs. In her current role as president, she has been instrumental in shaping the company’s strategic direction and operational framework.
Lyft CEO David Risher expressed deep appreciation for Sverchek’s contributions, stating that the company will always be “forever grateful” for her role in building the foundation of the rideshare industry.
As part of her departure package, Sverchek will receive severance benefits including a $650,000 cash payment. She will continue to serve as a nonemployee advisor until November 30 to ensure a smooth transition.
Following the announcement, Lyft’s stock experienced a slight uptick, reflecting stability amid the transition.