Renovations are the first major action of the new CEO.

In a new round of layoffs, Lyft Inc. aims to eliminate at least 1,200 positions as it battles to turn a profit and compete with Uber Technologies Inc.

One of the first actions taken by new CEO David Risher was the restructuring.

The company laid off about 700 people last year.

Riescher acknowledged in a message to staff that, as part of the restructuring to better serve the requirements of riders and drivers, the team will be drastically scaled back in size.

Having only 25% of consumer sales in the United States at the end of February, Lyft, which was founded in 2012, is rapidly losing ground to its primary rival, Uber.

After the restructuring was announced, Lyft’s shares increased 5.5%; however, part of the profit quickly faded. Shares of Lyft are down about 10% this year, while those of Uber are up 21%.

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