There’s a change at the top of San Francisco-based electric scooter company Lime.
Lime co-founder Toby Sun, who had been CEO since the company’s launch in early 2017, is stepping aside from the top spot and will be replaced his fellow co-founder, Brad Bao.
However, Sun isn’t leaving Lime.
In a statement, the company said that Sun will be responsible for “what’s next and focus on building the Lime of tomorrow,” while Bao will take over the day-to-day operations of the company. Lime didn’t say that the change was due to any dissatisfaction with Sun’s performance as CEO and that said the company’s “structure allows for our executive leadership to be multipurpose.”
Lime has grown to become of the leaders in the electric scooter rental and sharing market. Last year, the company announced it had secured a $335 million round of financing led by GV, the investment arm of Google parent Alphabet. As part of Lime’s executive changes, Joe Kraus, a partner with GV who joined Lime’s board last year, will move from his chief operating officer job to replace Bao as company president.
Uber also joined last year’s investment round and has a deal in place to co-brand Lime’s scooters with its name and allow Lime rentals to be made from within Uber’s app.
