Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

GM’s Cruise unit cuts nine executives as safety probe continues

Published 12/14/2023, 10:30 AM
Updated 12/14/2023, 10:33 AM
© Reuters GM’s Cruise unit cuts nine executives as safety probe continues

Reuters released a story Wednesday night reporting that General Motors' (NYSE:GM) Cruise robotaxi unit has dismissed nine key people.

Reuters reports seeing a memo, which the company confirmed, stating that nine people related to GM’s autonomous taxi service have been released from the company amidst an ongoing safety investigation related to an Oct. 2 incident in which a woman was struck and dragged by a Cruise vehicle in San Francisco.

The ongoing investigation, spearheaded by law firm Quinn Emanuel, is expected to continue until January.

The recent restructuring comes after a period of unrest within the robotaxi division.

Following an accident, the unit withdrew all its vehicles from testing in the United States to undertake a safety assessment. CEO Kyle Vogt and co-founder Dan Kan stepped down in the past few weeks, and Cruise is gearing up for upcoming layoffs scheduled for this month.

"We are committed to full transparency and are focused on rebuilding trust and operating with the highest standards when it comes to safety, integrity, and accountability," the memo said. "As a result, we believe that new leadership is necessary to achieve these goals."

Chief Legal and Policy Officer Jeff Bleich and Senior Vice President of Government Affairs David Estrada were among those who were let go.

"The personnel decisions made today are a necessary step for Cruise to move forward as it focuses on accountability, trust and transparency," GM said in a statement.

Shares of GM are up 5.19% in early trading on Thursday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.