Money Rains Far Away From Drivers

Lyft has announced that Kristin Sverchek will exit company on August 20, 2024. The rideshare company is clearly stating that Svercheck’s exit is not due to any disagreement within the company nor is related to any Lyft operations or policies.

As President at Lyft Inc., Kristin Sverchek made in 2023 $6,636,982 in total compensation. Of this total $650,000 was both bonus and non equity incentive compensation; while $5,334,032 was awarded in stock options and $2950 came from other types of compensation. As Svercheck exits officially on August 20,2024 she is entitled to severance benefits including a $650,000 cash payment.

Compare the above figures to the average Lyft driver in Texas making approximately $17.39 to $19.30 an hour. Some drivers report earnings of $21.51 to $30.00 an hour, while impacting their ride acceptance rates through selective trip requests. Driver’s have to spend that money on gas, insurance, vehicle maintenance and other costs that provide the framework for Lyft business.