How New York City's Bike Share Saved Itself

How New York City's Bike Share Saved Itself

How New York City's Bike Share Saved Itself Last October, former MTA chief Jay Walder took the helm of Citi Bike's parent company. It's been a wild ride. "Look, it's the first day for me," Jay Walder told reporters last October. "We don't have all the answers." Walder, who had previously held the top jobs at New York City's MTA and then Hong Kong's MRA, had just announced that he would be the new CEO at the company that operates New York City's Citi Bike system. It was the first good news the company, then called Alta Bicycle Systems, had shared in a while. After launching in 2013, Citi Bike delivered shoddy maintenance and software (which would soon be detailed in a city audit ), sustained damage to equipment during Hurricane Sandy, and, according to reports, had been scrambling for a new investor to keep it afloat . In July, REQX Ventures, an investment company formed by the principals of gym chain Equinox and its parent company, Related, bought its parent company. And now Walder,

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