Lime’s founding CEO steps down as his co-founder takes control

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In an all-hands meeting this afternoon, the scooter and bike-sharing phenom Lime announced co-founder and chief executive officer Toby Sun would transition out of the C-suite to focus on company culture and R&D. Brad Bao, a Lime co-founder and longtime Tencent executive, will assume chief responsibilities, Lime confirmed to TechCrunch.

“Lime has experienced unprecedented growth in the global marketplace under the joint leadership of our co-founders Brad Bao and Toby Sun,” the company said in a statement provided to TechCrunch. “Fortunately, Lime’s structure allows for our executive leadership to be multipurpose and we are making a few changes to our team today to seize the opportunity ahead of us.”

Sun and Bao launched Lime together in late 2016. The San Francisco-based company had near-immediate success, attracting hundreds of millions in venture capital funding and reaching a valuation of more than $1 billion in only a year and a half. Today, the company is valued at $2.4 billion and is expected to hit the fundraising circuit soon.

In addition to today’s CEO shake-up, Lime’s chief operating officer and former GV partner Joe Kraus has been promoted to the role of president. Kraus joined Lime full-time late last year after more

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