GM President Dan Ammann is taking over as CEO of the Cruise self-driving division as the company pushes toward a commercial launch in 2019

On Thursday, General Motors had made an announcement stating that the president of the company, Dan Ammann will take over the position of the CEO of the self driving division of the vehicle Cruise of the company.

The current CEO of the Crusise, Kyle Vogt will then become the president as well as the CTO of the company. The company further stated that these changes will become official from the 1st of January of 2019.

The involvement of Ammann with Cruise had expanded in the beginning of the year when the company shuffled the responsibilities, churning the leadership of the Cadillac brand of the company and giving the position of the Executive Vice President of the luxury division along with the product planning and development division to Mark Reuss.

Source: businessinsider

Ammann had stated that he is very excited that he will be dedicating 100 perecnt of his time and energy in helping Kyle along with the entire team to realize their mission of deploying the concerned energy at scale.

Vogt had stated that Dan has been his partner since the initial investment of General Motors in cruise and he is very thrilled than Dan has joined them full-time.

He further added that the thorough understanding of their mission by Dan along with his expertise in operations makes him the perfect man to lead the commercial deployment of the Cruise.

Source: businessinsider

The worth of Cruise at the current moment is that of $14.6 billion.

Cruise, which is a San Francisco based company was acquired by General Motors in 2016 for about $1 billion which included the costs of future hiring as well as expansion. The initial price of the company was $581 million.

The valuation of the Cruise was escalated by $14.6 billion because of subsequent investments from the SoftBank Vision Fund and Honda.

Source: BusinessInsider, NewsTimes

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Written by Ketakee Srivastava

I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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