Lyft’s cofounders, CEO Logan Green and president John Zimmer, will soon step back from their day-to-day roles, the company announced on Monday.

David Risher, a former retail executive at Amazon, will be CEO of the ridesharing company beginning April 17, when Green will step aside to serve as chair of the board. Zimmer will transition out of his role on June 30 to serve as vice chair of the Lyft board. Lyft’s current chairman Sean Aggarwal will step down from his post but will remain on the board, the company said

Lyft shares rose around 5% after hours on the news.

Green and Zimmer founded Lyft in 2012 and took the company public in 2019. Lyft shares have fallen more than 70% in the last year.

“I am honored to step into the CEO role at such an important moment in the company’s history, and am prepared to take this business to new levels of success,” Risher said in a statement.

Risher joined Amazon in 1997 as its first vice president of product and store development. He was a top lieutenant of Amazon founder and executive chairman Jeff Bezos, and went on to serve as senior vice president of marketing and merchandising before exiting the company in 2002. Risher has been on Lyft’s board since 2021.

— CNBC’s Annie Palmer, Laura Batchelor and Deirdre Bosa contributed to this report.