Lyft Founders To Tighten Grip With Supervoting Shares In IPO: WSJ

An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren

(Reuters) - Lyft Inc founders are preparing to take near-majority voting control of the ride-hailing company when it goes public this year, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.

The founders, John Zimmer and Logan Green, together own a stake of less than 10 percent in Lyft.

Zimmer and Green, who serve as president and chief executive officer respectively, are working with underwriters and lawyers on a plan to create a class of shares with extra votes that they will hold, the report said.

Lyft is also expected to appoint one of its existing board members as non-executive chairman, the WSJ reported.

A Lyft spokeswoman declined to comment.

Reporting by Sonam Rai in Bengaluru

Source : https://www.reuters.com/article/us-lyft-founders-idUSKCN1Q11NN

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Lyft founders to tighten grip with supervoting shares in IPO: WSJ
Lyft Founders to Tighten Grip With Supervoting Shares in IPO
Lyft founders to tighten grip with supervoting shares in IPO: WSJ
Lyft Founders to Tighten Grip With Supervoting Shares in IPO: WSJ
Lyft founders to tighten grip with supervoting shares in IPO - WSJ
Lyft founders to tighten grip with supervoting shares in IPO: WSJ