Lyft CEO and president to step down in mid-April, former Amazon exec David Risher named as replacement

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Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company's initial public offering (IPO) on March 29, 2019 in Los Angeles, California. The ride hailing app company's shares were initially priced at $72.

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Lyft's cofounders, CEO Logan Green and president John Zimmer, will step back from their day-to-day roles by mid-April, the company announced on Monday. David Risher, a former retail executive at Amazon, will assume the CEO position at the ridesharing company.

Lyft shares rose around 5% after hours on the news.

Green and Zimmer founded Lyft in 2012 and took the company public in 2019. Lyft shares have fallen more than 70% in the last year.

Risher joined Amazon in 1997 as its first vice president of product and store development. He was a top lieutenant of Amazon founder and executive chairman Jeff Bezos, and went on to serve as senior vice president of marketing and merchandising before exiting the company in 2002.

â CNBC's Annie Palmer, Laura Batchelor and Deirdre Bosa contributed to this report.

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