Scooter on over! Lime cofounders swap roles as CEO

There are lots of C-suite changes going on at the hot scooter startup Lime, reports Forbes. Lime cofounder Brad Bao is stepping up to become the new CEO of the company. Bao is taking over the role from his Lime cofounder Toby Sun. Sun had been CEO of Lime since January 2017. He’ll now be focusing on future research and development at Lime and reporting to Bao.

As Sun told Forbes: “Having Brad focusing on the now and me focusing on the future is something I feel really, really excited about. Brad was my mentor and my trusted business partner for a long time, so I feel confidence in having him lead the day-to-day.”

The CEO shuffles aren’t the only changes at Lime. The company is also promoting its COO Joe Kraus to president, which was Bao’s old position. Kraus will now take over the overseeing of Lime’s day-to-day operations as well as look after its city relationships.

Since its founding in January 2017, Lime has already hit 50 million scooter rides taken and now employs more than 700 people in 25 countries. The company is currently valued at $2.4 billion.