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Dan Ammann suddenly resigned from the role of CEO of Cruise, a self-driving unit owned by General Motors in the majority.
Just two months ago, Amman starred in GM’s investor presentation, stating that automakers could double their revenues to $ 280 billion by 2030. Amman explained that cruises alone could account for at least $ 50 billion of that $ 140 billion growth.
Around that time, Cruise had applied to the Public Utility Commission of California for permission to charge for Robotaxi vehicles and safe drivers. Only Alphabet’s Waymo is at the pace of doing it. Cruise was a big part of GMCEO Mary Barra’s growth plan, and Ammann was ready to run the company.
GM’s Cruise Origin electric self-driving shuttle. (David Paul Morris / Bloomberg News)
Amman was an investment banker at Morgan Stanley and helped GM go bankrupt. He then joined GM as Treasurer, was promoted to Chief Financial Officer, and was appointed president the same day Barra was promoted to CEO. He played a major role in shrinking GM’s money-lost overseas business, selling Opel in Germany and playing a central role in the purchase of the cruise that Rose was in charge of two years ago.
GM’s statement on his departure was functional. “General Motors today announced that Cruise Chief Executive Officer Dan Ammann will leave the company. Cruise President and Chief Technology Officer Kyle Vogt will serve as Interim CEO.”
Ammann will earn $ 25.6 million in restricted stock and 101,000 warrants in self-driving startups if Cruise is sold or released. The IPO will also bring more cash to develop a fleet of robotaxis.
When asked about Cruise IPO by analysts in the third quarter earnings announcement, Rose said the integration of GM and Cruise was an advantage and the company has sufficient funding. They jointly built a dedicated autonomous shuttle, Cruise Origin.
President Mark Royce said Cruise’s self-driving car unit will begin billing taxi fare despite changes at the top of its operational leadership.
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Cruise CEO Dan Aman suddenly leaves
https://www.ttnews.com/articles/cruise-ceo-dan-ammann-abruptly-leaves Cruise CEO Dan Aman suddenly leaves