Lyft CEO and president stepping down to be replaced by former Amazon exec

UPDATE: This article has been updated with compensation package information for Green, Zimmer and Risher.

Lyft co-founders, CEO Logan Green and president John Zimmer, are stepping down from their roles by mid-April, the company said Wednesday. They will serve as chair and vice chair of Lyft's board, respectively.

David Risher, a former retail executive at Amazon, will take over the CEO position at Lyft. Lyft's current chairman, Sean Aggarwal, will step down from his post but will stay on the board.

Green and Zimmer founded Lyft in 2012. Back then, the company was mainly differentiated from Uber by the presence of pink mustaches on Lyft vehicles. Back then, Zimmer told TechCrunch that Lyft had originally thought of doing the service just for women, "as a safety kind of service and a very particular clientele."

Lyft ditched the mustache in 2016 and went public three years later. When it debuted, Lyft raised more than $2 billion in an afternoon after pricing its shares at $72 each. Today, Lyft closed at $9.60 per share; however, the stock price did jump nearly 6% after hours on the news of Risher taking over as CEO.