Scooter startup Lime is changing CEO as Brad Bao takes over the role from his co-founder Toby Sun. Sun has been the founding CEO since November 2017 and led the company through multiple rounds of financing reaching a valuation of $2.4 billion. Sun will now report to Bao and focus on future research and development, as well as company culture.
Before Lime, Sun held a variety of consultant roles and worked at an investment firm but doesn't have as much operational experience as his co-Founder. Bao spent eight years he growing Tencent’s operations in the U.S. and excelled in leading large teams. The duo realized that there needs to be more focus on operations going forward which led to the leadership changes.
Lime is also promoting its COO Joe Kraus to president, Bao’s former position. Kraus will be overseeing the company’s day to day operations as well as taking on responsibility for Lime’s city relationships, business development and marketing and communications.