Business

Lyft’s new CEO tackles a job requiring some heavy lifting

Published

3 years ago

May 2, 2023

SAN FRANCISCO (AP) — Even before he joined Lyft’s board in 2021, David Risher had taken hundreds of trips as a passenger so he felt like he knew a lot about the ride-hailing service. But he never expected to be thrust into the driver’s seat at a time when Lyft was running like a jalopy.

“I really was gobsmacked,” Risher said during an interview with The Associated Press as he recalled being recently asked to replace Lyft co-founder Logan Green as CEO.

Risher quickly shook off his initial shock and is now making an effort to reverse the San Francisco company’s mounting losses and sagging stock price. Just days after taking over as CEO, Risher came up with a restructuring plan that includes laying off nearly 1,100 employees whose job losses could help him attain stock price incentives potentially worth nearly $1 billion.

Like any mass layoff, the payroll purge will uproot the lives of those suddenly out of a job while sowing uncertainty among Lyft’s remaining 3,000 employees. But Risher believes the deep cuts had to be done so Lyft can afford to bring down its fares to the same levels as its longtime rival, ride-hailing leader Uber, which has rebounded from the pandemic much more robustly.

It’s very important to our customers that when they open both (the Uber and Lyft) apps that they are not surprised by the prices being super different,” Risher said. “We want to be in line with where Uber is.”

The cost-cutting also will help Lyft pay drivers better, another element that Risher believes is needed for the service to offer more rides with quicker pick-up times.

Mobile tracking data compiled by wireless network testing firm GWS found Lyft’s driver app now has averages about 400,000 daily usages — half its pre-pandemic levels — while Uber’s driver app boasts about 1.4 million daily users, roughly the same number that it had leading up to the pandemic.

More details about Risher’s turnaround strategy are expected Thursday when Lyft releases what are expected to be lackluster financial numbers for the first three months of the year.

The problems facing Risher are an offshoot of pandemic-driven restrictions that dramatically curtailed travel during most of 2020 and much of 2021, shriveling demand for rides on Uber and Lyft.

But Uber had something that Lyft didn’t — a food delivery business that had been aggressively expanding under Dara Khosrowshahi, who Uber hired in 2017 to clean up a mess that its previous CEO Travis Kalanick had created. Uber’s disarray had also alienated many of its passengers, helping Lyft to steadily gain market share leading up to the pandemic in March 2020.

Khosrowshahi’s decision to transform Uber into a “go wherever you want, get whatever you need” operation paid off during a pandemic that ignited explosive growth in food delivery. That demand kept millions of people using Uber’s app even when they weren’t going anywhere, forming habits that helped Uber’s ridership return to pre-pandemic levels while Lyft fell out of favor.

“No one was opening their Lyft app, so when the world reopened it just seem easier to get an Uber,” said Tom White, an analyst for D.A. Davidson.

Because Uber’s food delivery service also helped retain drivers on its platform during the pandemic, that made it more difficult for Lyft to lure them back when the pandemic eased. The driver shortage was compounded by a fare structure that resulted in its service frequently demanding significantly higher prices for the trips than Uber — a gap that consumers who kept both apps on their phones could quickly see.

Brian Blitzstein used to drive for Lyft but says he is now focused primarily on Uber because of all the ridership momentum that it gained from its food delivery service during the pandemic. But he could be convinced to come back to Lyft if he earns more pay.

“Money talks,” Blitzstein, 39, said. “But I definitely think it’s going to be challenging for Lyft. Are they going to be cutting down to the bone? That would be like cutting off your arm to lose weight.”

The widening chasm between Uber and Lyft has been showing up in their respective financial results. Uber shares surged again early Tuesday after first quarter earnings arrived stronger than expected, with revenue rising 29% on rising demand for both ride-sharing and delivery.

Under benchmark tracked by investors known as “adjusted earnings before interest, taxes, depreciation and amortization,” Uber posted a profit of $1.7 billion last year while Lyft sustained a loss of $406 million and management in February issued an outlook that made things look like they were worsening.

That’s one of the key reasons that Lyft’s stock price has plunged by about 70% during the the past year while Uber’s shares are nearly the same price as a year ago, mirroring the bellwether S&P 500 index.

The stark difference led Green, Lyft’s long-time CEO, and fellow co-founder John Zimmer to step down from day-to-day management to make way for Risher, best known for helping lay the foundation Amazon’s e-commerce empire as the company’s top U.S. retail executive in its early days. His contributions were so significant that Amazon founder Jeff Bezos wrote him a thank you note that’s posted on the company’s website as a permanent tribute.

But before Lyft asked him to take over as its CEO, Risher had spent more than a decade running Worldreader, a non-profit organization devoted to helping young children learn to read.

That made Risher seem like a puzzling choice to many investors wondering “what can this guy do,” White said. “Wall Street doesn’t know a ton about him.”

Risher’s hiring initially spurred speculation that he may be grooming Lyft for a sale, but he doesn’t think that makes sense while the company is still struggling.

“Let’s put it this way: We will be more valuable as a partner of any type organization if we have a business that’s 10 times bigger and profitable,” Risher said.

Risher, 57, will make a huge windfall if he can turn things around. Besides paying Risher a $3.25 million signing bonus on top of a $725,000 salary, Lyft awarded him an incentive package consisting of 12.25 million shares of stock that will vest when the shares hit a range of staggered price targets. If Lyft’s stock rises from its recent price hovering around $10 and hits nine targets ranging from $15 to $80, Risher will reap about $980 million, estimated the investment research management firm VerityData.

For now, Risher is focused on ensuring Lyft remains a viable alternative to Uber.

“There was a loss of Lyft relevance,” Risher said. “So now it becomes our challenge to say, ‘Hold on, we’re back and we are a really important choice.’”

Business

Addition Financial Foundation Awards $175,000 to 10 Central Florida Nonprofits

Published

4 days ago

September 10, 2026

FNN NEWS

Members of the Addition Financial Foundation’s 2026 Community Giving Class are recognized during the fifth annual Community Giving Celebration at Addition Financial Arena in Orlando. The foundation awarded $175,000 in unrestricted grants to 10 Central Florida nonprofits supporting communities across the region.

Fifth annual Community Giving Celebration recognizes organizations serving families, students and communities across the region

ORLANDO, Fla. (FNN) — The Addition Financial Foundation honored 10 Central Florida nonprofit organizations Wednesday during its fifth annual Community Giving Celebration, awarding $175,000 in unrestricted grants and providing recipients with year-round organizational support.

The breakfast and awards ceremony was held at Addition Financial Arena on the University of Central Florida campus, bringing together representatives from the nonprofit, government, education and business communities.

Established in 2021, the foundation is the philanthropic arm of Lake Mary-based Addition Financial Credit Union. Each organization selected for the 2026 Community Giving Class was nominated by an Addition Financial team member based on its work in communities served by the credit union.

10 NONPROFITS RECEIVE COMMUNITY GIVING GRANTS

Three organizations — Central Florida Community Arts, Children’s Safety Village and Embrace Health — each received $20,000 grants. Seven additional nonprofits received $15,000 each: Empowered Girls Inc., First Tee Central Florida, Foundation for Foster Children, Gentian Creek Preserve, Prospera, Save a Life Pet Rescue and Tech Sassy Girlz.

The grants are unrestricted, allowing the organizations to direct the funding toward areas they determine will have the greatest impact.

“The Community Giving Celebration gives us an opportunity to shine a light on nonprofit organizations that are addressing important needs and creating meaningful change across our community,” said Cristina Lehman, executive director of the Addition Financial Foundation.

Lehman said the foundation’s involvement extends beyond the grants, including connecting organizations with volunteers, resources and opportunities throughout the year.

ADDITIONAL $5,000 AWARDS PRESENTED

Two additional $5,000 awards were presented during the celebration.

The Greatest Investment Girls Empowerment Program, a previous Community Giving Class participant, received one award. Save a Life Pet Rescue received another following a vote by Addition Financial team members who contribute to the foundation.

In addition to financial support, the 2026 class will receive volunteer assistance from Addition Financial employees, complimentary use of the organization’s community room and workshops on topics including media relations, fundraising and grant writing.

YEAR-ROUND COMMUNITY INVESTMENT

The Community Giving program is designed to build relationships between Addition Financial and nonprofit organizations beyond a single grant cycle.

This year’s recipients work across a range of areas, including arts and culture, child safety, health, youth development, education, foster care, environmental conservation, entrepreneurship, animal rescue and technology education.

Through unrestricted grants and continuing support, the foundation said the program is intended to help nonprofits strengthen their operations while expanding their impact throughout Central Florida.

Business

AdventHealth Recruiting Nurses, Technologists and Clinical Professionals at 8 Central Florida Locations

Published

6 days ago

September 8, 2026

FNN NEWS

The Sept. 9 regional hiring event will connect nurses, imaging and laboratory professionals, respiratory therapists and other clinical workers with hiring managers at eight AdventHealth locations.

ORLANDO, Fla. (FNN) — AdventHealth will hold a regional hiring event Wednesday, Sept. 9, at eight locations across Central Florida as the health system looks to expand its clinical workforce to meet growing demand for patient care.

The hiring events will run from 9 a.m. to 1 p.m. and give nurses, technologists and other clinical professionals an opportunity to meet directly with hiring managers and clinical leaders, participate in on-site interviews and potentially receive same-day job offers for select positions, according to AdventHealth.

The recruitment effort comes as Central Florida’s population growth continues to increase demand for health care services across hospitals, emergency departments and other care sites.

High-Demand Clinical Positions

AdventHealth said career opportunities are available across several high-need clinical areas, including:

Nursing
Imaging
Laboratory
Respiratory care
Surgical services
Other clinical specialties

The regional format allows applicants to explore opportunities at multiple AdventHealth facilities while connecting directly with the people responsible for hiring and clinical operations.

Eight Central Florida Hiring Locations

Hiring events will be held simultaneously at the following locations from 9 a.m. to 1 p.m. Wednesday, Sept. 9:

AdventHealth Altamonte Springs
601 E. Altamonte Drive, Altamonte Springs
Chatlos Classrooms

AdventHealth Apopka
2100 Ocoee Apopka Road, Apopka
Vyas Conference Rooms

AdventHealth Celebration
400 Celebration Place, Celebration
Mangrove Conference Rooms

AdventHealth East Orlando
7727 Lake Underhill Road, Orlando
Precedo Conference Rooms

AdventHealth Kissimmee
2450 N. Orange Blossom Trail, Kissimmee
Woodlands Conference Rooms

AdventHealth Orlando, AdventHealth for Women & Children
601 E. Rollins St., Orlando
Alden Conference Room

AdventHealth Winter Park
200 N. Lakemont Ave., Winter Park
First Floor Conference Center

AdventHealth Winter Garden
2000 Fowler Grove Blvd., Winter Garden
First Floor Conference Rooms

Central Florida Growth Driving Recruitment

AdventHealth said the regional recruitment initiative is designed to strengthen clinical teams as the health system expands access to care throughout Central Florida.

Hiring across multiple hospitals and specialties also reflects the range of health care workers needed to support growing communities — from bedside nurses and respiratory professionals to diagnostic imaging, laboratory and surgical-services teams.

For qualified candidates, the possibility of interviewing directly with hiring managers and receiving a same-day offer for select positions could also shorten the traditional hiring process.

How to Register

Health care professionals interested in attending can register through the official AdventHealth Central Florida Hiring Event page.

Event: AdventHealth Central Florida Regional Hiring Event
Date: Wednesday, Sept. 9, 2026
Time: 9 a.m.-1 p.m.
Locations: Eight AdventHealth facilities across Central Florida

FNN Community & Business

The regional hiring initiative represents a significant employment opportunity for Central Florida’s health care workforce while highlighting the continued demand for clinical professionals as the region’s population and health care needs expand.

Business

DOJ, DOT and DHS Launch Nationwide Crackdown on CDL Fraud, Trucking Schools and Unqualified Drivers

Published

6 days ago

September 8, 2026

FNN NEWS

Two 18-wheelers travel along a U.S. interstate. Federal authorities have launched a multiagency initiative targeting alleged commercial driver’s license fraud, improper training and testing practices, and other suspected violations involving the trucking industry. FNN Illustration

Federal agencies say the new Joint Task Force Crossroads of America will target fraudulent CDL training and testing, identity and document fraud, unauthorized employment and suspected criminal activity across the commercial trucking industry.

DETROIT (FNN) — The Justice, Transportation and Homeland Security departments have launched a sweeping federal initiative targeting alleged fraud and public-safety violations in the commercial trucking industry, including questionable driver training, commercial driver’s license testing, identity fraud and suspected criminal activity.

Eight U.S. attorneys joined federal transportation and homeland security officials Aug. 31 to announce Joint Task Force Crossroads of America, a multistate law enforcement partnership initially bringing together U.S. attorney’s offices in Illinois, Indiana, Michigan and Ohio with federal, state and local agencies.

The initiative brings together DOJ, the Department of Transportation, Department of Homeland Security, Federal Motor Carrier Safety Administration and other law enforcement agencies.

Among the most immediate actions, FMCSA announced the emergency removal of more than 110 commercial driver training providers associated with more than 5,000 drivers who failed federal English-language proficiency requirements. The agency is also proposing removal of more than 160 additional training providers and launching a nationwide audit of third-party CDL skills testers.

DHS, meanwhile, announced enforcement activity involving more than 200 driving schools and related businesses across 23 states.

Federal Government Targets CDL Fraud

Federal officials say the initiative is designed to identify fraudulent training and licensing practices while determining whether trucking companies, schools, testing operations or other businesses are circumventing federal requirements.

Attorney General Todd Blanche said DOJ will work with federal, state and local partners to investigate and prosecute alleged fraud affecting highway safety.

“The safety of American roadways affects everyone across the country,” Blanche said in the federal announcement.
Transportation Secretary Sean P. Duffy said federal transportation regulators need law enforcement support to pursue suspected fraud involving training schools and other participants in the commercial licensing system.

The government’s announcement also included broader claims by administration officials concerning immigration enforcement and highway safety. Those statements represent the administration’s characterization of the problem; the specific enforcement actions announced by FMCSA focus on compliance with federal commercial-driver training, testing and qualification requirements.

110 CDL Training Providers Face Emergency Removal

FMCSA said it examined roadside inspection records involving commercial drivers cited for failing federal English-language proficiency requirements and compared those records with its Training Provider Registry.

That analysis identified training providers that repeatedly certified drivers who subsequently failed the federal requirement, according to the agency.

FMCSA said it will emergency-remove more than 110 Entry-Level Driver Training providers from its registry. The affected providers must cease federally recognized training operations, including classroom and behind-the-wheel instruction.

The government says those schools are associated with more than 5,000 drivers who failed English-language proficiency tests.

Removal from the federal registry is an administrative action and should not, by itself, be characterized as a criminal conviction or finding of criminal fraud.

40-State Investigation Finds Training Problems

The enforcement campaign extends beyond the 110 providers.

FMCSA said it deployed 175 investigators across 40 states in July to conduct nearly 400 investigations of entry-level driver training providers.

According to the agency, investigators identified problems including instructors who lacked appropriate licenses, inadequate facilities for required driving maneuvers and missing assessment records.

One provider allegedly claimed its classroom operated from a school bus located inside the back of a trailer, according to FMCSA.

The investigations resulted in more than 160 notices of proposed removal from the federal Training Provider Registry.

FMCSA further said drivers certified by those providers have been linked to 239 commercial motor vehicle-related fatalities.

That figure warrants careful distinction: the agency’s release describes the drivers as linked to those fatalities; it does not establish from that statistic alone that training deficiencies caused each crash.

Nationwide Audit of CDL Skills Testers

Federal regulators are also turning their attention to the people and organizations administering commercial driving tests.

FMCSA announced a nationwide audit of third-party CDL skills testers and state oversight of those testers.

The agency said more than 28,000 commercial drivers have been placed out of service for English-language proficiency violations since June 2025. FMCSA argues that the number raises concerns about whether testing and state oversight are consistently enforcing federal requirements.

States found substantially out of compliance with federal CDL requirements can face corrective action and, eventually, financial consequences.

According to FMCSA, unresolved substantial noncompliance can result in withholding of federal highway funds—up to 4% initially and potentially 8% in subsequent years. Serious deficiencies can also lead toward decertification of a state’s CDL program.

DHS Targets More Than 200 Driving Schools

DHS is conducting a parallel criminal-investigation and immigration-enforcement effort.

Homeland Security Investigations said its initiative is examining suspected CDL fraud, unauthorized employment, identity-document fraud, financial crimes, money laundering and labor exploitation, along with potential connections to human smuggling, drug trafficking and cartel activity.

Those categories describe investigative targets and potential violations identified by DHS; they do not mean every school, trucking company or driver contacted by investigators has committed a crime.

According to the federal announcement, HSI planned coordinated activity involving more than 200 driving schools across 23 states and said more than 1,000 business leads had been distributed to investigators.

Field offices had also issued more than 80 notices of inspection and opened multiple investigations, according to DHS.

Investigations Include DMV Employees, Medical Certifications and Trucking Companies

Federal authorities disclosed several categories of ongoing investigations.

HSI said investigators are examining allegations that some state motor vehicle employees accepted payments to help applicants circumvent driver’s license and CDL requirements.

Other investigations involve suspected misuse of B-1/B-2 visa holders for domestic cargo transportation, potentially improper medical certifications, identity fraud and alleged labor exploitation involving visa holders.

DHS also said investigators are examining possible shell companies, financial crimes and transportation businesses potentially connected to broader criminal activity.

Because many of these matters remain investigations, allegations of misconduct have not necessarily resulted in criminal charges or convictions.

Federal Trucking Enforcement Reaches Florida

The federal initiative also includes activity in Florida.

According to the government’s announcement, DHS’s Enforcement and Removal Operations Miami Field Office coordinated an operation with the Florida Department of Transportation, FMCSA and commercial vehicle enforcement authorities during the week of Aug. 24.

Other coordinated operations were identified in Illinois, Indiana, Maine, Michigan and Wisconsin.

DHS also identified several broader enforcement initiatives involving commercial transportation, including Operation ICE Wall, Operation Guardrail and Operation Freightliner.

What It Means for Trucking Companies and CDL Schools

The initiative significantly expands federal scrutiny beyond individual commercial drivers.

Training schools could face removal from FMCSA’s registry, while third-party testers will face a nationwide audit. State licensing agencies could also come under federal review if regulators identify systemic compliance failures.

Trucking companies may face additional scrutiny involving driver qualifications, employment authorization, federal employment records and compliance with commercial vehicle regulations.

At the same time, the government’s actions distinguish between administrative enforcement and criminal prosecution. A provider’s removal from a federal training registry does not automatically establish criminal fraud, while criminal cases require prosecutors to establish violations under applicable law.

Joint Task Force Brings Multiple Agencies Together

Joint Task Force Crossroads of America combines the U.S. attorney’s offices in Illinois, Indiana, Michigan and Ohio with agencies including FMCSA, FBI, Drug Enforcement Administration, Homeland Security Investigations, Immigration and Customs Enforcement and Bureau of Alcohol, Tobacco, Firearms and Explosives.

Eight U.S. attorneys participated in the announcement, representing federal districts in Michigan, Indiana, Ohio and Illinois.

Federal officials say the task force’s goals include reducing highway fatalities and serious injuries, identifying criminal networks, deterring fraudulent trucking practices and improving coordination among federal, state and local authorities.

What’s Next?

FMCSA is expected to proceed with the emergency removal of the identified training providers while continuing proposed-removal proceedings involving more than 160 others.

Federal transportation officials will also conduct the nationwide examination of third-party CDL skills testers and state oversight programs.

DHS and HSI investigations into suspected licensing fraud, unauthorized employment, document fraud and related financial crimes are continuing, while the newly established DOJ task force provides a mechanism for federal prosecutors and law enforcement agencies to coordinate potential criminal cases.

The next major question will be how many of the regulatory investigations ultimately produce administrative sanctions, license actions or federal criminal charges.

For drivers, trucking companies and CDL schools, the announcement signals that federal enforcement is expanding from roadside driver inspections into the broader system responsible for training, testing, licensing and employing commercial drivers.