Lime, one of the leading scooter startups, shook up its executive team as it tries to figure out how hold on to more of its cash. Toby Sun, the current CEO, is stepping down to focus on “big bets” and “company culture,” he wrote to employees Thursday evening. He’ll be replaced by his cofounder, Brad Bao, a former Tencent executive. Other executives getting more responsibility include Joe Kraus, who was promoted from chief operating officer to president. Since Mr. Kraus, a former venture parter at GV, came aboard last fall, “many markets now [have] positive unit economics,” Mr. Sun wrote.
The shakeup isn’t a surprise. Lime insiders had speculated for months that Mr. Sun would step aside as the company’s employee headcount and geographic footprint has swelled. A cadre of former Uber and Google executives have taken top positions at the startup, as it has tried to show current and prospective investors that it can make a real business out of the e-scooter phenomenon. That’s still a work in progress.