Architect of Cruise deal now gets to run the company

After eight years at General Motors where he quickly rose up the executive ranks to be president the past four years, former Wall Street banker Dan Ammann will now lead the autonomous vehicle company he helped GM acquire in Cruise Automation.GM on Thursday named Ammann, 46, CEO of San Francisco-based Cruise, now the autonomous vehicle subsidiary of GM. Cruise's current CEO and co-founder, Kyle Vogt, will become president and chief technology officer of the operations.The move for Ammann to lead Cruise, effective Jan. 1, has been thought to be in the works for some time by industry insiders. Many analysts think GM may spin off Cruise or launch an initial public offering for the subsidiary.Ammann was instrumental in the acquisition of Cruise in 2016 and also served on the Lyft board after GM purchased a $500 million stake in the ride-hailing company. He has had great interest in GM's development of autonomous vehicles and technology and has spent much time in San Francisco with the Cruise team. And he has said he thinks self-driving vehicle technology will change the world."The key to achieve the vision that we've laid out from a General Motors point of view — zero crashes, zero emissions, zero congestion — we believe AV technology is a fundamental key to unlock each of those dimensions," Ammann told Automotive News last year.There were some signs this year that GM may be setting Ammann up for the top spot at Cruise. He helped secure a $2.25 billion investment in Cruise this year by SoftBank Vision Fund of Japan, helping to position GM as a leader in the race to autonomous vehicles.And earlier this year, GM shifted oversight of the Cadillac luxury brand to GM product chief Mark Reuss, freeing Ammann up to concentrate more on autonomous vehicles and self-driving technology development.'Natural development'Sam Abuelsamid, senior analyst with Navigant Research, called the move a “natural development” for Ammann, who already was overseeing the Cruise operation.“This is more of a formalization of what’s been going on for some time,” he said. “As GM Cruise moves toward commercializing the service … I think it makes sense to have a more experienced executive running that operation more broadly.”A New Zealand native known for being direct and even-keeled, Ammann moved to GM in 2010 from Morgan Stanley where he was managing director and head of industrial investment banking. He started at GM as treasurer, a year after he advised the automaker during its 2009 bankruptcy restructuring.His first responsibility at GM was to manage the company's November 2010 initial public offering of stock. He also was key in GM's strategy to return to auto financing with GM Financial, which was formed in 2010 through the acquisition of AmeriCredit.Rising starHe quickly ascended the GM ladder in Detroit and at age 38 was named chief financial officer in 2011, working tirelessly to reduce debt and stockpile cash for what he frequently would call GM's "fortress balance sheet."Ammann was one of four candidates that former GM CEO Dan Akerson examined and considered in late 2013 to take over GM when he stepped down; Mary Barra ultimately was selected.Under Barra, Ammann has been GM's president since January 2014, overseeing the company's global business operations and its captive arm GM Financial. He also oversaw GM's goals to grow Chevrolet and Cadillac into global brands and has been chairman of the board for GM's Chinese joint venture, SAIC General Motors, since February 2014.Ammann has helped GM to trim its global operations and restructure unprofitable regions across the globe, including leading its exit from the European market, its sale last year of Opel to PSA Group and this year's restructuring of GM Korea.Barra, Ammann and other top executives have worked closely to build a new culture of safety and transparency at GM in wake of the 2014 deadly ignition switch crisis. They've also tried to streamline and simplify a complex company once filled with silos.Ammann is a car guy and loves to drive fast on the track. He took his first bonus from Morgan Stanley to buy a 1961 Cadillac Series 62 convertible. Ammann, who tried to stay close to product development and would sometimes spend Fridays testing engineering mules with Reuss at GM's Milford Proving Grounds, is among a handful of GM executives certified as industry pool test drivers at the Nürburgring racetrack in Germany.He is a member of the board of directors of Hewlett Packard Enterprise.Ammann holds a bachelor's degree in management studies from the University of Waikato in New Zealand.

Architect of Cruise deal now gets to run the company

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