December 11, 2016 1:13 AM ET

Internet Software and Services

Company Overview of Lyft Inc.

Company Overview

Lyft Inc. helps commuters to share rides with friends, classmates, and coworkers going the same way. It helps organizations to establish private and social networks for ridesharing. The company focuses on college, university, and corporate communities. Lyft Inc. was formerly known as Zimride, Inc. and changed its name to Lyft Inc. in May 2013. The company was founded in 2007 and is based in San Francisco, California.

548 Market Street

Suite 68514

San Francisco, CA 94104

United States

Founded in 2007

Phone:

855-946-7433

Key Executives for Lyft Inc.

Co-Founder and Chief Executive Officer
Co-Founder and President
Chief Operating Officer
Strategy Chief
Age: 45
Vice President of Marketing
Compensation as of Fiscal Year 2016.

Lyft Inc. Key Developments

Teamsters, Lyft Drivers File Objections to Class-Action Lawsuit Settlement

Lyft drivers, the Uber Lyft Teamsters Rideshare Alliance (ULTRA), Teamsters Joint Council 7 and Teamsters Joint Council 42 have filed legal objections to a class-action lawsuit settlement which would continue to misclassify Lyft employees in California as independent contractors. The objections were filed in federal district court in San Francisco. The case is being heard by Judge Vince Chhabria. In their filing, the objectors stated that the proposed settlement "does not provide sufficient monetary compensation to the class, and the non-monetary components of the settlement are of dubious value or do not substantially change Lyft's practices. The proposed settlement does not include any money for workers resulting from Lyft's violations of the minimum wage, violations of the law requiring accurate wage statements, unpaid meal and rest breaks, prompt payment violations and reporting time violations. After Lyft drivers and the Teamsters filed objections to a preliminary settlement in this case in March, Chhabria ordered the attorneys to go back to the table to correct deficiencies in the monetary value of the settlement covering 100,000 California drivers. The current $27 million settlement was adjusted from the preliminary settlement amount of $12.5 million because of inaccuracies in calculating the mileage logged by drivers. The proposed final settlement covers only 17% of estimated damages for the drivers' reimbursement claim. Of that amount, $3.675 million will go to attorneys' fees. The settlement leaves in place Lyft's misclassification of its drivers as independent contractors, and permits Lyft to deprive its drivers of their right to bring class actions in the future, while also forcing them into costly arbitrations of disputes involving their compensation and bonuses. Due to various carve-outs contained in the settlement, the arbitration provision provides less protection than state law. Unlike employees, independent contractors do not have the rights to receive overtime pay, reimbursement for expenses and many other rights under the California Labor Code.

Lyft Announces Executive Appointments

Lyft hired two new key executives. The company hired its first strategy chief, Raj Kapoor, an already driving force inside the company who lead its Series A round at Mayfield Fund and has served on its board since 2014. The company has also hired Melissa Waters as vice president of marketing, to replace Kira Wampler, who is leaving to become the CEO of Art.com. Waters was previously vice president of brand and product marketing at Pandora.

Lyft Inc. Presents at The Wall Street Journal’s annual technology conference, Oct-25-2016 08:00 AM

Lyft Inc. Presents at The Wall Street Journal’s annual technology conference, Oct-25-2016 08:00 AM. Venue: Montage, Laguna Beach, California, United States. Speakers: John Zimmer, Co-Founder and President.

Similar Private Companies By Industry

Company Name Region
"Atlantic Tele-Satellite, Inc. United States
.Club Domains LLC United States
.Comdaq Corporation United States
@Court United States
0 Food Waste LLC United States

Recent Private Companies Transactions

Type
Date
Target
Private Placement
December 24, 2015
--
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
The Advertising Council, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Lyft Inc., please visit www.lyft.com. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.