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The Charles Schwab Corporation (SCHW) - free report >>
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LYFT CFO to Step Down Shortly, Company Appoints Replacement
Lyft (LYFT - Free Report) announced that its current chief financial officer (CFO) Elaine Paul will relinquish her position on May 19. She will, however, remain associated with the ride-hailing company till Nov 30 as an advisor. Paul had been working as LYFT’s CFO since January 2022.
Management has appointed Erin Brewer as the new CFO. She will assume her new responsibilities from Jul 10. Until that time, LYFT’s chief accounting officer, Lisa Blackwood-Kapral, will serve as interim CFO. Brewer is highly experienced in the field of finance having been associated with companies like Charles Schwab (SCHW - Free Report) and Atlassian (TEAM - Free Report) .
At Charles Schwab, Brewer occupied the position of managing director of enterprise finance for more than two years (May 2020 to October 2022). In the role, she was hugely successful having overseen asset and client base growth. Before SCHW, she was associated with software company Atlassian. At TEAM, she served as the head of strategy and finance. She was successful in expanding the finance team after the company’s initial public offering.
Lyft, currently carrying a Zacks Rank #3 (Hold), may hope that Brewer brings all her experience into play and helps turn around its sagging fortunes. Lyft’s struggles can be made out of the fact that the stock has declined 24.2% year to date against its industry’s 34.1% appreciation in the same period.
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Lyft has announced job cuts to save costs and also appointed a new CEO earlier this year as it aims to fly high again. On the other hand, Lyft’s rival Uber (UBER - Free Report) witnessed a turnaround in its fortunes from the pandemic lows.
Even though economies are reopening, people’s thirst for placing orders online is rampant. This ensures Uber’s business to remain in good shape. Encouraged by the delivery segment's performance during the pandemic, the company is constantly expanding its delivery operations. Shares of Uber have gained 53% year to date.
Even though Uber’s primary business is ride-sharing, it has diversified into food delivery and freight over time. Uber is benefitting from the boom in its delivery business as volumes of online order increase.