A serious stroke left him needing brain surgery, but less than two years later, he had led the e-scooter company he heads to a $1.7 billion IPO.
Lime CEO Wayne Ting opened up about his stroke recovery and the challenges of leading the company in an interview with Business Insider. He shared that when he was in hospital recovering from the stroke, he struggled to find examples of other CEOs who had publicly spoken about their experiences with stroke recovery.
He now wants to be someone people can turn to for help and guidance, he said.
Wayne connected his personal recovery with Lime’s long and difficult journey towards its IPO. Its stock price rose after the listing before later falling back towards its IPO valuation. Before becoming Lime’s CEO, Wayne worked as chief of staff at Uber. Wayne highlighted Uber CEO Dara Khosrowshahi’s efforts to change the company’s culture after taking over.
The company spent years competing with rivals such as Bird in the notoriously challenging micromobility industry and suffered a 95% drop in revenue during the Covid-19 pandemic, according to the outlet. Lime eventually raised around $167 million in its IPO, with the company valued at about $1.7 billion.
He said that financial improvement, like stroke recovery, required getting “1% better” every day. He said his experience at the ride-hailing company shaped his views on corporate culture and the importance of sustainable growth. Khosrowshahi inherited a workplace where employees believed there was “no line that we’re not willing to cross.”, according to him.
San Francisco, which Wayne described as a mature market for Lime, is now growing 100% year-over-year, he said. The company once had to replace its entire fleet every month, but its redesigned vehicles now last more than five years. The company has also seen stronger adoption in established markets.
Wayne said Lime has significantly improved the durability of its e-scooters and bikes.
