Overview

• David Risher has taken over as CEO of Lyft and has implemented a restructuring plan that includes laying off nearly 1,100 employees.
• The layoffs and fare cuts are intended to help Lyft bring down its operating costs to match those of its rival Uber.
• Lyft has struggled during the pandemic as Uber's food delivery business helped it retain more drivers and gain market share.
• If Lyft's stock price hits targets, Risher could make nearly $1 billion from incentive pay.
• Lyft hopes the restructuring will allow it to better compete on price and pay with Uber going forward.