February 12, 2019 / 1:55 PM / 7 days ago

Lyft founders to tighten grip with supervoting shares in IPO - WSJ

Feb 12 (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 here 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.

Lyft was not immediately available for comment. (Reporting by Sonam Rai in Bengaluru)

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