U.S. ride-hailing service Lyft Inc’s Chief Operating Officer Rex Tibbens plans to step down by the end of the year, according to an internal memo seen by Reuters.

Tibbens’ move comes at a time when Lyft is close to hiring an advisory firm for it’s proposed initial public offering and it is crucial for the company to have these roles filled as it’s going public.

A Lyft spokesman confirmed the departure of Tibbens when contacted by Reuters.

Lyft has started looking for Rex’s successor, the memo said.

Axios website earlier reported Tibbens’ move to step down.


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