Lyft announced Tuesday that company president Kristin Sverchek will be leaving on Aug. 20.
The ride-hailing service said Sverchek’s exit is not due to a disagreement within the company, its board of directors or management, and is not related to Lyft operations or policies. Sverchek will continue serving as a nonemployee advisor through Nov. 30.
Sverchek joined the company in 2012, and has also held positions as general counsel and president of business affairs.
Lyft CEO David Risher said in the release that the company will be “forever grateful” to Sverchek, who “helped pour the foundation the entire rideshare industry rests upon.”
The company also said Sverchek will be entitled to severance benefits, including a $650,000 cash payment.
Lyft shares closed marginally higher on Tuesday.