The ride-sharing company has been busy raising funding, including a recent $1 billion round led by CapitalG that put its post-money valuation at $11 billion, as it reportedly prepares to go public next year.
Tibbens’ planned departure means that Lyft now needs to fill a key leadership role on top of planning an IPO. This news comes almost exactly one year after a report that then-president elect Donald Trump’s transition team was looking at Tibbens as a potential candidate for U.S. Transportation Secretary, which Lyft denied (Trump appointed Elaine Chao to that role).
According to an internal email sent to Lyft employees by co-founders Logan Green and John Zimmer (copied below), Tibbens, who joined the company in 2015 from Amazon, plans to advise companies and spend time with his family next year.
We wanted to share a note of thanks to Rex and provide a leadership team update. After 2+ years with Lyft, helping grow the business over 10x, Rex has decided that at the end of the year he will move on from his role as COO. In the new year, he’ll spend time advising companies, reacquainting himself with his family, and figuring out what’s next for TRex. He’s been an incredible partner helping bring Lyft to every state, and launching strategic initiatives like Express Drive and our Nashville support center.
To lead the charge for Lyft’s next phase of growth, we’re underway with the search for our next COO. We’re extremely thankful for the impact Rex has had on all of us, and excited by the opportunity to bring in new leadership to drive forward our next chapter.
Logan & John