General Motors President Dan Ammann speaks at the New York International Auto Show, April 1, 2015.

AP Photo / Mark Lennihan, Dossier

DETROIT (AP) – Dan Ammann, CEO of General Motors autonomous vehicle subsidiary Cruise, is leaving the company in Detroit.

GM didn’t give a reason in a brief statement Thursday, but said Kyle Vogt, chairman and chief technical officer, would be Cruise’s interim CEO.

The change of direction comes just as Cruise is set to launch a fully autonomous limousine service with no human security drivers. GM’s head of product development Doug Parks said last week that autonomous commercial rideshare will begin next year in San Francisco.

Ammann was president of GM until November 2018, when the company sent him to San Francisco to lead Cruise, where he replaced Vogt as CEO. He was GM’s CFO before being promoted to chairman in 2014. Ammann, a former Morgan Stanley investment banker, joined GM as treasurer in 2010 to help lead its public offering of shares after exiting. government funded bankruptcy protection.

When Ammann switched to Cruise, many analysts believed GM was preparing for a takeover bid with the majority-owned subsidiary.

But last week, Parks dismissed the speculation, saying GM believes the companies are creating more value as a combined entity.

GM’s statement says that combined, GM and Cruise are creating a large scale of manufacturing and technology for self-driving vehicles “that will quickly cut costs.” The company says the integration will maximize the autonomous vehicle market.

In extended trading, GM shares slipped 2.4%.


12 Christmas movies (with a crafting angle)


Oakville ON Wealth Management - High Net Worth Wealth Planning Service, Business News

Check Also