[NEWS] Lime’s founding CEO steps down as his co-founder takes control – Loganspace

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In an all-hands meeting this afternoon, the scooter and bike-sharing phenomLimeintroduced co-founder and chief govt officer Toby Sun would transition out of the C-suite to point of curiosity on company custom and R&D. Brad Bao, a Lime co-founder and lengthy-time Tencent govt, will lift chief tasks, Lime confirmed to TechCrunch.

“Lime has skilled unprecedented convey in the worldwide market beneath the joint management of our co-founders Brad Bao and Toby Sun,” the corporate said in a declare offered to TechCrunch. “Fortunately, Lime’s structure lets in for our govt management to be multipurpose and we’re making just a few adjustments to our workers on the original time to interact the different sooner than us.”

Sun and Bao launched Lime collectively in leisurely 2016. The San Mateo-primarily primarily based company had terminate to-immediate success, attracting millions and hundreds in project capital funding and reaching a valuation of larger than $1 billion in easiest a year and a half’s time. This day, the corporate is valued at $2.4 billion and is anticipated to hit the fundraising circuit soon.

As well to to on the original time’s CEO shake-up, Lime’s chief working officer and faded GV partner Joe Kraus has been promoted to the purpose of president.Kraus joined Lime plump-timeleisurely final year after bigger than a decade on the project capital arm of Alphabet.

Bao, given his Tencent tenure, looks love a natural different to lead Lime right into a extra worn share of commercial. Sun, a faded funding director at Fosun Kinzon, has much less operational expertise than his counterpart, who used to be most fair no longer too lengthy ago the vp of the Chinese language conglomerate’s gaming resolution.

News of Sun’s demotion comes sizzling off the heels of a new contemporary marketing campaign, featured above, thru which the Lime co-founders remark the scooter-sharing startup’s origin story and big ambitions. The corporate, backed byBain Capital Ventures,Andreessen Horowitz, Constancy Ventures, GV, IVP and a slew of assorted high-notch patrons, is active in bigger than 100 cities in the U.S. and 27 cities internationally. As of June, riders had taken bigger than 50 million trips on one of Lime’s vehicles.