The rideshare company is doing so to reduce costs and adjust cash flows in the aftermath of the Wuhan virus pandemic.
Another cost-cutting measure that it’s implementing is the furloughing of 288 employees in addition to staggered reductions in pay. This comes accompanied with a 30 percent reduction in salaries for executive leadership, 20 percent for vice presidents, and 10 percent for all other employees that are exempt. Starting in May, the salary cuts go into effect for 12 weeks. Similarly, members of the Lyft board will give up 30 percent of their cash compensation for the second quarter of 2020.
“It is now clear that the Covid-19 crisis is going to have broad-reaching implications for the economy, which impacts our business. We have therefore made the difficult decision to reduce the size of our team,” CEO and co-founder Logan Green declared in a statement. “Our guiding principle for decision-making right now is to ensure we emerge from the crisis in the strongest possible position to achieve the company’s mission.”
According to company estimates, restructuring costs, which includes severance, are expected to be in the range of $28 million to $36 million. The majority of these costs will be incurred in the second quarter.
The filing came a day after Lyft’s competitor Uber is floating a plan to cut 20 percent of its workforce. In the midst of the sharp reduction of ride-hailing services, Lyft and Uber have sought alternative sources of revenue which focus mainly on transporting goods instead of people. In the concluding days of March, Lyft announced that it would start delivering meals and groceries for students and seniors in the U.S. In the meantime, Uber has been expanding its Uber Eats program to transport other goods in various markets around the world.
It’s clear that both companies are under significant pressure to become profitable. Uber pulled back its financial guidance for the year. Lyft followed in its footsteps a week later.
Man Who Brutally Assaulted Michigan Nursing Home Resident Arrested, Charged, and Named
The brute’s name is Jayden Hayden.
The perpetrator of a horrific taped assault at a patient at a Michigan nursing home has been arrested, charged, and finally named.
Detroit Police arrested 20-year old Jayden Hayden of Ypsilanti, Michigan on Sunday morning. Hayden is being charged with assault with intent to do great bodily harm, larceny in a building and two counts of financial transaction device, steal/retain without consent.
The financial crimes relate to Hayden allegedly stealing the credit cards of 75-year old Norman Bledsoe.
The conscience of the nation had been shocked when video of Hayden brutally assaulting the senior citizen in a nursing home bedroom went viral. President Trump himself expressed his shock at the callous footage, in which Hayden repeatedly punched and beat the U.S. Army veteran.
— James Woods (@RealJamesWoods) May 21, 2020
Hayden has apparently uploaded videos online of other despicable assaults against senior citizens.
Detroit Prosecutor Kym Worthy expressed her resolve to hold Hayden criminally accountable for the heinous crime.
“The alleged actions of this defendant are truly and uniquely disturbing. We must be able to trust our loved ones in specialty care facilities. I truly hope that the facts of this care are one of a kind.” Hayden was arraigned in court on Sunday morning.
New facts of the case seem to suggest that Hayden himself was a short-term resident of the Westwood Nursing Center, as opposed to an employee of the facility, which some had speculated.
Hayden seems to express racist and anti-white beliefs in some of his social media uploads, stating that he believes that “black people are meant to rule the earth.” However, it doesn’t appear as if local authorities are treating the savage, cowardly assault as a hate crime at this point.
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