Lime Loses its First Finance Chief

Micromobility startup Lime has confirmed that its Chief Financial Officer Ted Tobiason is no longer with the company. Lime has not yet commented on Tobiason’s replacement.

Tobiason joined Lime in February 2019 as the company’s first CFO and led multiple financing rounds over his 15-month tenure. Previously, Tobiason was a Managing Director at Morgan Stanley for 4 years and a Managing Director at Deutsche Bank for 9 years. He was also the Head of Technology Equity Capital Markets at Bank of America from 2004 to 2006.

In a Linkedin post, Tobiason said, “I came here to be a part of something important and special. Lime’s mission of making cities cleaner, easier to navigate and more fun could not be more important right now. Having completed two financings in the last couple of months, I’m confident in Lime’s ability to continue to lead this critical and emerging industry.”

The company’s newly appointed CEO Wayne Ting responded to Tobiason’s departure by stating, "Ted has been an instrumental part of the executive team during an amazing period of growth, and helped us close an important fundraising round that allows us to emerge from the current crisis as the strongest micromobility provider. We wish Ted all the best in his next chapter and know he will always be part of the Lime family."

Earlier this month, Lime announced it had raised $170 million from investors, including Uber, Alphabet, and Bain Capital Ventures. As part of the investment, Lime acquired Uber’s JUMP bike business operations.

Whoever takes on the CFO position will play a large role in helping the company rebound from the coronavirus pandemic, which has already forced the company to lay off 80 employees, accounting for 13% of its workforce.

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