Engine Capital Halts Activist Campaign as Lyft Aligns with Share Buyback Plan

Published 1 days agoLYFT

Engine Capital Halts Activist Campaign as Lyft Aligns with Share Buyback Plan

Activist investor Engine Capital, which holds about 1% of Lyft's shares, has ceased its campaign to influence the company after a successful push for strategic changes. The campaign began with Engine Capital nominating two independent directors, Alan L. Bazaar and Daniel B. Silvers, to Lyft's board in April 2025, hoping to improve corporate governance and address board composition issues, Reuters reported.

Engine Capital had urged Lyft to consider various strategic alternatives, including a potential sale, and criticized the dual-class share structure that offered significant voting power to the company's founders. In an effort to address the company's stock underperformance, Engine Capital proposed a $750 million accelerated share repurchase program.

In response to Engine Capital’s proposal, Lyft increased its stock buyback program to the suggested $750 million in May 2025. This alignment with the activist's plan led Engine Capital to end its campaign and withdraw its board nominees, concluding the push for changes at Lyft.

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