Lyft Names New CFO After Announcing Departure of Elaine Paul

Lyft, Inc. announced on Tuesday, May 16, that it has appointed a new chief financial officer as Elaine Paul is stepping down and officially leaving this week. The company said it has hired Erin Brewer as the replacement for the outgoing CFO.

Lyft is a well-known mobility company that offers services such as ride-hailing, vehicles for hire, car rentals, motorized scooters, food delivery, and a bicycle-sharing system. It operates in the United States and some cities in Canada. It has confirmed Paul’s exit after serving as its CFO for just one year and four months.

Paul became Lyft’s financial chief in January 2022, and with her departure on Friday, the CFO role will be temporarily filled in by an interim replacement until Brewer takes over on July 10. Then again, Paul will remain in the company as an advisor until her formal exit in November 2023.

In the meantime, Lisa Blackwood-Kapral has been chosen as the interim CFO. She is currently working as chief accounting officer at Lyft. According to Reuters, the leadership reshuffle comes after the company reported a dull second-quarter forecast earlier this month. The weak prediction was due to the price cuts that it has imposed in an attempt to get more customers and be in the race with bigger rivals such as Uber Technologies Inc.

“She is led high-growth businesses; she knows how to operate efficiently at scale; and she puts customers at the center of her work. I’m thrilled to team up with her to lead the charge to growth and profitability,” David Risher, Lyft’s chief executive officer, said in a press release. “Erin has succeeded at everything she has done.”

On the other hand, Erin Brewer also commented at her appointment, “Lyft is an iconic brand with an important purpose and a lot of room for profitable growth. There’s real innovation waiting to be unlocked in rideshare and a big market opportunity ahead. I’m excited to help David and the team build a strong business and deliver meaningful shareholder value by focusing on what riders and drivers need.”

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