{"id":837954,"date":"2025-04-16T08:10:45","date_gmt":"2025-04-16T12:10:45","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/engine-capital-nominates-two-highly-qualified-and-independent-candidates-for-election-to-lyfts-board-of-directors-at-the-2025-annual-meeting\/"},"modified":"2025-04-16T08:10:45","modified_gmt":"2025-04-16T12:10:45","slug":"engine-capital-nominates-two-highly-qualified-and-independent-candidates-for-election-to-lyfts-board-of-directors-at-the-2025-annual-meeting","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/engine-capital-nominates-two-highly-qualified-and-independent-candidates-for-election-to-lyfts-board-of-directors-at-the-2025-annual-meeting\/","title":{"rendered":"Engine Capital Nominates Two Highly Qualified and Independent Candidates for Election to Lyft\u2019s Board of Directors at the 2025 Annual Meeting"},"content":{"rendered":"

<\/p>\n

\nEngine Capital Nominates Two Highly Qualified and Independent Candidates for Election to Lyft\u2019s Board of Directors at the 2025 Annual Meeting\n<\/p>\n

Intends to File <\/i>Preliminary Proxy Statement and Provides Overview of the Case for Shareholder-Driven Change at Lyft Following Years of Value Destruction<\/i><\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nEngine Capital LP (together with its affiliates, \u201cEngine\u201d or \u201cwe\u201d), which owns approximately one percent of the outstanding common shares of Lyft, Inc. (NASDAQ: LYFT) (\u201cLyft\u201d or the \u201cCompany\u201d), today announced that it is filing a preliminary proxy statement in connection with its nomination of two highly qualified and independent candidates \u2013 Alan L. Bazaar and Daniel B. Silvers \u2013 for election to the Company\u2019s Board of Directors (the \u201cBoard\u201d) at the 2025 Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d).\n<\/p>\n

\nArnaud Ajdler, Founder and Portfolio Manager of Engine, commented:\n<\/p>\n

\u201cThere is an urgent need for shareholder-driven change in Lyft\u2019s boardroom, which is unfortunately dominated by misaligned founders and independent directors with insufficient public market experience. A majority of the Board has been in place as Lyft has delivered negative total shareholder returns and perpetually underperformed the market and its closest peer \u2013 Uber Technologies, Inc. \u2013 across every relevant time period, including the past one, three and five years. These directors have also consistently diluted shareholders and maintained an array of insular governance policies, such as a dual-class share structure that is completely unjustifiable with the founders holding small equity stakes and no longer retaining executive roles. As all of this has occurred, the Board has failed to adopt an accretive capital allocation policy and make effective use of the Company\u2019s large net cash position and strong free cash flow generation.<\/i><\/p>\n

This election is about sending a message to Lyft\u2019s Board that the status quo is no longer tenable and shareholders want change. In recent months, we have privately provided value-enhancing ideas and shared the names of several independent director candidates with significant public market experience and backgrounds in areas such as capital allocation, modern corporate governance, corporate transformations and strategic transactions. Time and again, Lyft\u2019s leadership has rebuffed us and has shown no interest in avoiding a contest. The level of closed-mindedness towards our director candidates was such that the Nominating and Corporate Governance Committee didn\u2019t even offer to interview our nominees. This is what happens when two founders who collectively own less than 2.5% of the Company control 30% of the vote and make the Board unaccountable to its shareholders.<\/i><\/p>\n

Although our preference was to reach a compromise and support a turnaround through private engagement, we now feel compelled to proceed with a campaign to elect two excellent directors who can help fill evident experience and skill gaps on Lyft\u2019s Board. Messrs. Bazaar and Silvers possess additive public market experience and finance expertise, as well as a commitment to championing the interests of all the Company\u2019s shareholders. As we work to elect these individuals and spotlight Lyft\u2019s glaring issues, we will remain open to exploring a constructive resolution with the Company.\u201d<\/i><\/p>\n

Director Candidate Bios:<\/span><\/b><\/p>\n

Alan L. Bazaar<\/span><\/b><\/p>\n

Mr. Bazaar is an experienced public company director and investment manager with expertise in corporate finance and governance, including structuring executive compensation plans.<\/b><\/p>\n