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Tuesday / November 19.

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

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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

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via Reuters