Activist investment firm Engine Capital initiated a proxy battle at Lyft on March 25, 2025, by nominating two director candidates to the company's board. Engine Capital, which owns approximately one percent of Lyft's outstanding common shares, is pushing for significant strategic and governance changes.
The activist investor is advocating for a comprehensive strategic review, improved capital allocation practices, and the elimination of Lyft's dual-class share structure. This structure, which grants disproportionate voting power to certain shareholders, has been a point of contention for investors.
Engine Capital's campaign highlights investor dissatisfaction with Lyft's stock performance and corporate governance. The pressure from the activist firm could lead to material changes in the company's financial policies and board composition, aiming to unlock shareholder value.
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