Lyft Lifts Amazon Exec to Serve as CFO

Lyft has recruited an Amazon executive to serve as its new chief financial officer, a leadership change that comes soon after the ride-hailing company hit a key stop on the road to profitability.

As The Wall Street Journal reported, Lyft has named Elaine Paul its new CEO, an appointment due to go into effect on Jan. 3.

She replaces Brian Roberts, who is set to step down as CEO after a seven-year tenure, but will stay on as an adviser to Lyft until June of next year. In a filing with securities regulators, the company said Roberts’ departure is not the result of a dispute or disagreement.

Paul, who served as Amazon Studios’ CFO and vice president of finance, has also held the role of CFO for Hulu, and spent close to 20 years with Disney in senior finance, business development and strategy roles.

Roberts became CFO of Lyft in November 2014 and helped shepherd the company to its IPO in 2019, the Journal story noted.

Earlier this year, Lyft logged its first profit on an adjusted basis before interest, taxes, depreciation and amortization — $23.8 million — although it continues to report net losses. Rival Uber logged its own adjusted EBITDA of $8 million a quarter later, helped in part by the ongoing strength of Uber Eats.

Read more: Ride-Hailing Fares up 25% in Q3 Over 2019, but Uber, Lyft Riders Don’t Care

Last month, both companies reported a resurgence in ridership despite a rise in prices.

“Even with prices being up … we’re seeing that as cities reopen, people start using the product, and they use it a lot,” noted Uber Technologies Chief Executive Dara Khosrowshahi.

Average charges were up 25% in the third quarter compared to the same quarter in 2019, while the average for airport trips jumped 50%.

While both companies were reporting driver shortages compared to pre-COVID, Lyft and Uber have said they expect drivers to return. “I think there is generally more pricing power than anyone ever realized existed in the industry,” Lyft’s Roberts said in November.