Business

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

Published

4 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

Getty Images files for Chapter 11. What comes next for Florida photographers and videographers?

Published

2 days ago

November 9, 2026

FNN SPORTS

Getty expects licensing and contributor payments to continue as it seeks court approval for a restructuring. The case comes as AI puts pressure on generic stock imagery and verified coverage remains valuable to newsrooms.

Florida National News | Nov. 9, 2026

Getty Images is asking a federal bankruptcy court to approve a restructuring that would cut its debt and take the company private while it continues licensing photographs and video. For Florida photographers and videographers who sell work through Getty, the immediate question is whether royalties and assignment payments keep arriving on schedule. The longer-term question is which images and footage buyers will still pay to license as generative artificial intelligence makes some stock visuals easier to produce.

Getty Images Holdings Inc. and six subsidiaries filed for Chapter 11 protection Oct. 21 in Delaware. The company entered the case with support from major financial stakeholders and says it expects to continue serving customers and paying contributors in the ordinary course. The court is scheduled to hear several initial motions Nov. 17 and consider confirmation of the restructuring plan Dec. 15. Getty Images Chapter 11 filing and financing disclosure · Bankruptcy docket and Nov. 17 hearing notice · BankruptcyData on the Dec. 15 confirmation hearing

What drove Getty into bankruptcy?

The proposed plan includes up to $533 million in equity commitments from Getty family and Koch Equity Development affiliates. That amount includes financing and conversion of some existing debt into equity. The plan would cancel existing shares and put the reorganized company under the ownership of those investors. Getty Images restructuring agreement

Getty reported $2.1 billion in debt at the end of June. Its second-quarter results also showed $110.9 million in payments related to a warrant litigation judgment and interest, as well as higher interest costs tied in part to financing for the proposed Shutterstock acquisition. Getty abandoned that deal in July after Britain’s competition regulator conditioned clearance on the sale of Shutterstock’s editorial business. Getty Images second-quarter results · U.K. Competition and Markets Authority on the abandoned merger

Getty’s results show why the bankruptcy matters differently across the industry. Second-quarter creative revenue fell 2.6% from a year earlier to $127.4 million, while editorial revenue rose 9.2% to $96.5 million. The company did not quantify how much of the creative decline was attributable to AI. Getty Images second-quarter results

What Florida contributors should watch

Getty says it expects to maintain normal operations through the restructuring. For freelancers, the next royalty statement and deposit will give them a more direct view of whether the process is affecting their income. A contributor who licenses archive photos, a freelance crew that invoices for assignments and a production company that supplies footage may each have different payment terms. Getty Images restructuring announcement

Contributors can reconcile deposits against statements and keep copies of agreements, invoices and notices. An overdue balance or a notice naming a specific contract warrants a closer look at the applicable court documents and deadlines. After the case, the terms that could affect earnings include royalty rates, exclusivity, subscription payouts and how a distributor packages photos and video.

A hand holds a smartphone in front of a blue and purple network of glowing image thumbnails

An AI-generated illustration for Florida National News’ coverage of Getty Images’ Chapter 11 restructuring and competition from generative AI.

Which Florida assignments are most exposed to AI?

Generic office scenes, beach-themed backgrounds and short lifestyle clips face more direct competition from generative tools. A buyer who needs a mood or setting can generate several options without scheduling a shoot. A buyer who needs footage of a specific launch from Florida’s Space Coast, storm damage in a particular neighborhood or a decisive play at a Tampa Bay Buccaneers game still needs a verifiable record of that event.

Florida’s news, sports and entertainment calendar gives local crews opportunities to supply that record. A videographer covering a major convention in Orlando might have an interview or clean footage that a national outlet missed. A photographer covering a local election might have the only usable image of a concession speech. For archive sales, accurate dates, locations, names and captions help buyers find the material and establish what it shows. Event credentials, assignment agreements and existing licenses can limit which uses a contributor can offer.

Getty is also selling generative AI tools. The company says its image generator is trained on licensed creative content and proprietary data and that licenses carry indemnification under the applicable agreement. That gives Getty a way to sell generated visuals to commercial buyers while continuing to license photographs and footage of real events. Getty Images generative AI terms and training FAQ

Where AP and Reuters fit

The Associated Press and Reuters overlap most directly with Getty in editorial coverage. Both can serve publishers that want additional sources of news photographs and video. Reuters Connect also offers live video and individual picture licensing. AP says its standards prohibit the use of generative AI to create, alter or enhance news photography. Associated Press AI standards · Reuters Connect licensing

AP and Reuters could gain business if publishers add a second supplier or Getty changes its prices, packages or service. Getty’s plan also leaves open a different outcome. If the company emerges with less debt and can invest more in editorial coverage, the two agencies could face a stronger competitor.

What comes next

The December hearing will determine whether Getty can move forward with the proposed plan, subject to the court’s ruling and remaining conditions. Getty has said it expects to complete the restructuring by year-end. For Florida contributors, the near-term measures are whether payments arrive, assignments continue and licensing terms change. The longer-term test is whether distributors and newsrooms will pay enough for distinctive, verified Florida coverage to sustain the people who produce it. Getty Images restructuring announcement · BankruptcyData on the Dec. 15 confirmation hearing

Business

New AdventHealth Middleton Clinic Brings Pediatric Specialists, Urogynecology Near The Villages

Published

2 weeks ago

October 30, 2026

FNN NEWS

The multispecialty clinic features 24 treatment rooms, pediatric imaging and services designed to bring care closer to Middleton families.

MIDDLETON, Fla. (FNN) — Families in Middleton have a new option for pediatric and women’s specialty care with the opening of the AdventHealth Middleton Multispecialty Clinic, according to an Oct. 29 news release from AdventHealth.

Located at 2274 Alder Ave., the clinic brings together pediatric primary care, pediatric cardiology, pediatric orthopedics and women’s urogynecology services. The facility includes 24 treatment rooms, a pediatric X-ray room and spaces for children’s heart screenings.

Bringing care closer to families

Middleton, a master-planned community along Central Parkway, is home to approximately 1,200 families and households, many with residents who work in and around The Villages, according to the release.

For Jenny Trew, whose family was the first to move to Middleton, the new clinic could mean fewer long trips for routine appointments. She has been driving nearly an hour to Clermont for pediatric care for her 13-year-old twin sons, Jasen and Jackson.

“Going to the pediatrician usually means pulling both boys out of school, taking time away from work and making a day out of something that should be pretty simple,” Trew said in the release.

Having a pediatrician in the neighborhood will make it easier to balance health care appointments with work, school, sports and other activities, she said.

Dr. Vanessa Carroll, chief medical officer of AdventHealth for Children, said proximity matters when families are seeking care for a sick or injured child.

“Parents don’t want to take their child to just any doctor. They want someone they can trust, right around the corner,” Carroll said in the release. “Because when your child is sick or injured, an hour-long drive can feel even farther.”

Expanding women’s specialty services

The clinic also provides urogynecology services, including care for urinary incontinence and pelvic floor conditions.

The location gives women a nearby option for specialized treatment aimed at improving comfort, health and quality of life, according to AdventHealth.

“Women spend so much of their lives caring for others, and it can become very easy to put their own health last,” Kristen Toth, vice president of AdventHealth for Women, said in the release. “We want women to know there is care here for them, too.”

The clinic brings AdventHealth for Children and AdventHealth for Women together at one location to serve families through different stages of life.

Supporting students and schools

Middleton’s early childhood centers, two K-8 schools and high school collectively enroll more than 3,000 students, according to the release.

LeAnne Yerk, principal of The Villages Charter Elementary School, said access to nearby pediatric care supports students’ health and readiness to learn.

“As educators, we see firsthand that a child’s ability to learn, grow and thrive in the classroom is deeply connected to their health and well-being,” Yerk said in the release.

She described the clinic’s proximity to schools as an important resource for students and families, helping connect health care with educational support.

Location and appointments

The AdventHealth Middleton Multispecialty Clinic is located at 2274 Alder Ave., Middleton, Florida.

To schedule an appointment, call:

Pediatric primary care: 352-467-7862
Pediatric cardiology: 352-353-2788
Pediatric orthopedics: 407-303-5687
Women’s urogynecology: 407-303-1380

For online appointment information, visit MyMiddletonPediatrics.com for children’s services or MiddletonUrogyn.com for women’s services.

Business

GOAA Highlights Airport Improvements, Approves New Small Business Policies

Published

3 weeks ago

October 22, 2026

FNN NEWS

Gate Link train on an elevated guideway at Orlando International Airport, with palm trees, airport buildings and a control tower behind it.

A Gate Link train travels along an elevated guideway at Orlando International Airport, with the airport’s control tower in the background. Photo courtesy of the Greater Orlando Aviation Authority.

Terminal upgrades, parking projects and international connections mark the authority’s fiscal year review.

ORLANDO, Fla. (FNN) — The Greater Orlando Aviation Authority highlighted terminal improvements, expanded international connections and parking projects during its fiscal 2026 review, while its board adopted changes to a local business program and announced a new statewide small business initiative.

The updates affect Orlando International Airport and Orlando Executive Airport, which GOAA operates.

“We are undertaking an ambitious effort to redefine what it means to deliver a world-class airport experience,” GOAA CEO Lance Lyttle said in the authority’s announcement.
“As we welcome more visitors, more airlines, more routes, and new programs, our responsibility is to elevate every part of the journey — making it more welcoming, intuitive, and connected.”

A Gate Link train travels along an elevated guideway at Orlando International Airport, with the airport’s control tower in the background. Photo courtesy of the Greater Orlando Aviation Authority.

Terminal Improvements Focus on Connections and Families

Among the completed projects was an enclosed pedestrian bridge with moving walkways connecting Orlando International Airport’s train station and Terminal C.

Terminal C also opened a new wing serving gates 250–254, providing additional capacity and becoming the new home for Virgin Atlantic’s airport operations.

Three new Family Zones — one in each terminal — offer spaces for children and families to play, read and recharge. GOAA also highlighted improvements to directional signs along airport roads, in parking areas and throughout the terminals.

Parking Expansion and $40 Million Improvement Program

GOAA reported progress on a parking guidance system at Terminal C, with phased activation across all garages planned through mid-2027.

Dedicated employee parking areas are intended to free additional spaces for travelers. Planning is also underway for two new garages expected to add 8,000 public parking spaces over the next few years.

Separately, the authority’s $40 million Beautiful Airports Program targets safety, functionality and appearance across garages, terminals and other airport areas.

Aviation Investments and International Service

The fiscal year review highlighted a $50 million investment by dnata, a $26 million redevelopment by Signature Aviation at Orlando International Airport and groundbreaking for Sky Harbour’s $40 million campus at Orlando Executive Airport.

International service developments included ZIPAIR’s nonstop passenger charter flights between Orlando and Tokyo and Iberia’s launch of nonstop service to Madrid.

GOAA described ZIPAIR’s service as the first passenger charter connection between Florida and the Asia-Pacific region.

Business Policy Changes Broaden Eligibility

The board adopted revisions to GOAA’s Local Developing Business program following research, town halls and discussions with internal experts.

The changes increase the allowable personal net worth threshold and clarify how assets are excluded from that calculation, including primary residence equity, business equity, retirement assets and certain nonliquid holdings.

Business size standards were also revised to account for inflation and increased operating costs. The announcement did not specify the updated financial thresholds.

A new Small Business program will complement the local program and extend eligibility to qualifying businesses throughout Florida. Under the announced framework, participating businesses must fall within 50% of the applicable U.S. Small Business Administration size standard.

GOAA said detailed guidelines for both programs would be posted on its website. Those guidelines will provide businesses with the information needed to assess eligibility.