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Bao will continue serving as the Chairman of Lime’s Board of Directors.
Alongside Ting’s promotion, Lime announced that it had received $170 million from investors, including Uber, Alphabet, and Bain Capital Ventures. As part of the investment, Lime has acquired Uber’s JUMP bike business operations and will continue to deepen its mobile app integration with Uber, which began in 2018.
As CEO, Ting plans to double down on international markets and wants to make Lime cashflow positive by 2021.
Ting initially joined Lime in October 2018 as the company’s Global Head of Operations and Strategy and has played an important part in its push to profitability. Prior to his career at Lime, Ting held multiple positions at Uber from 2014 to 2018, including a stint as the company’s Chief of Staff. He also worked at The White House as a Senior Policy Advisor for the National Economic Council from 2012 to 2014.
In a press release, Bao stated, “I have worked with Wayne for years and know that he is the best person to lead the company through its next stage as we continue to give riders new ways to move around cities.”
Ting said, “under Brad’s leadership, we have built Lime into the world’s leading micromobility company that is changing the way millions of people get around their cities. I look forward to building on this foundation with the Lime team in my new role.”
According to The Information, Uber has the option to acquire Lime at some point between 2022 and 2024 for a set price.