Lime co-founder Brad Bao image: Lime

Brad Bao — a co-founder and Executive Chairman of Lime, an on-demand electric scooter and bike startup valued at $2.4 billion — is taking over as CEO of the company as fellow co-founder Toby Sun steps down. Lime made this known in a recent all-hands meeting. Sun will now focus on company culture and research and development at Lime.

Bao was previously an executive at Tencent where he spent 8 years and has also held roles at Kodak, IBM, and Yahoo. He together with Toby Sun launched Lime in late 2016 and have led the company to raise some $765 million in funding (Crunchbase data) and hit more than 50 million trips taken on its platform.

Lime COO Joe Kraus has been promoted to president image: Lime

Also at Lime, COO Joe Kraus is taking over as president some months after being handed the COO role. Kraus is a partner at Alphabet’s GV, the VC firm that led a $335 million round for Lime July last year.

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