Toby Sun steps down as CEO of Lime

Electric scooter rental startup, Lime, said its chief executive officer, Toby Sun will step down from the position in a planned transition.

According to a report by TechCrunch, Brad Bao, a Lime co-founder and long-time Tencent executive, will assume chief responsibilities, Lime confirmed to TechCrunch.

“Lime has experienced unprecedented growth in the global marketplace under the joint leadership of our co-founders Brad Bao and Toby Sun,” the company said in a statement provided to TechCrunch. “Fortunately, Lime’s structure allows for our executive leadership to be multipurpose and we are making a few changes to our team today to seize the opportunity ahead of us.”

Sun and Bao launched Lime together in late 2016. The San Mateo-based company had near-immediate success, attracting hundreds of millions in venture capital funding and reaching a valuation of more than $1 billion in only a year and a half’s time. Today, the company is valued at $2.4 billion and is expected to hit the fundraising circuit soon.

In addition to today’s CEO shake-up, Lime’s chief operating officer and former GV partner Joe Kraus has been promoted to the role of president. Kraus joined Lime full-time late last year after more than a decade at the venture capital arm of Alphabet.

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