Lyft CEO Logan Green and President John Zimmer are stepping back from running the company they cofounded in 2012, the company said.

In a press statement, Lyft said that Green and Zimmer will now serve as Chair and Vice Chair of the board of directors as of April and June, respectively. They will no longer be attached to the daily operations of the struggling ride-hailing firm.

According to the firm, David Risher, a current Lyft board member with prior management experience at Amazon and Microsoft, will become CEO on April 17.

“Building Lyft with John over the last 16 years has been the adventure of a lifetime,” said Green.Zimmer commented, “Logan and I were told we were crazy to think people would share a ride in another person’s car. Over a decade later, Lyft is creating economic opportunity, building a sustainable future, and helping people make meaningful connections—with the support of millions of riders and drivers. I can’t wait for what’s next, and look forward to working with our deeply-capable successor, David, improve people’s lives with the world’s best transportation.

”In their respective board and adviser roles, Green and Zimmer will now focus on supporting a seamless transition of responsibilities to Risher and the continued growth of Lyft’s mission.

Sean Aggarwal, the current Lyft board chair, will transition to the role of lead independent director.Lyft went public in a 2019 IPO worth $24 billion. Since then, however, its stock has slid more than 85% amid heavy competition from Uber, depressed demand during the pandemic, and ongoing skepticism about the ride-hailing business model.

Lyft's management shuffle is seen by many as a welcome move as shareholders look to a possible sale of the company.