By Dean Seal

Activist hedge fund Engine Capital withdrew its nomination of two candidates for Lyft's board of directors after engaging with the company.

"Following a series of productive conversations, the board has taken an important first step by committing to significant share repurchases in the coming quarters," Engine founder Arnaud Ajdler said.

Engine said last month that it held a 1% stake in the ride-hailing company and nominated two independent candidates for Lyft's board. Ajdler said at the time that the board was dominated by "misaligned founders and independent directors with insufficient public market experience."

Weeks later, Engine called on Lyft to eliminate its dual-class share structure, de-stagger board elections and immediately implement a $750 million share repurchase program.

Lyft on Thursday said it would boost its share-repurchase program to $750 million and that it expects to buy back $200 million worth of stock within the next three months and $500 million within the coming year.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 09, 2025 09:03 ET (13:03 GMT)

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