(Reuters) -Lyft Inc stated founders Logan Inexperienced and John Zimmer would step down as CEO and president, with board member David Risher taking over the highest position because the ride-hailing agency struggles with intense competitors.

Shares of Lyft (NASDAQ:) rose about 5% in buying and selling after the bell.

The change in guard comes after Lyft drastically misplaced market share to larger rival Uber Applied sciences (NYSE:) Inc, which boasts higher pricing energy, a worldwide presence and a meals supply enterprise.

A lackluster quarterly forecast from Lyft final month fanned considerations that the corporate’s value cuts to keep away from being a distant second to Uber within the North American ride-sharing market would squeeze earnings.

Risher, a former Amazon (NASDAQ:) and Microsoft (NASDAQ:) govt, will probably be tasked with overcoming value challenges and discovering new methods to draw drivers to the platform as demand rises with extra individuals returning to places of work and journey resuming.

A member of the Lyft board of administrators since July 2021, Risher will change into CEO on April 17, whereas Inexperienced and Zimmer will proceed to function chair and vice chair of the board.

Lyft, which was based in 2012, is but to report an annual revenue however has managed to cut back losses by value cuts and different initiatives over time.