Dan Ammann, president of GM and appointed CEO of Cruise early this year, was awarded 16,914 restricted shares of Cruise common stock and 101,485 Cruise stock options on Monday by the board of directors of the unit, which GM disclosed in its annual 10K filing with the Securities and Exchange Commission. According to the filing documents, the value of each stock is $1,515. "Sir. GM spokesman Tom Henderson said in a telephone interview that Ammann's compensation plan is consistent with the CEO benchmark of technology companies with market capitalization similar to Cruise, and attaches great importance to achieving specific technical and business goals.
GM Chief Executive Mary Barra told analysts in a conference call Wednesday that the company reported that Detroit automaker's technology "rapid progress" earned more than expected, and this year is critical for the sector.
"I think it's in a strong position in terms of funding," she said. "I think that as we continue to develop, it is in a strong position."
Cruise is worth about $14.6 billion, although there is no significant revenue or product ready for commercial release. SoftBank Group Corp., a Japanese technology investment fund, and Honda Motor Co., a Japanese automaker, have invested $5 billion to acquire a minority stake in Cruise.
GM Chief Financial Officer Dhivya Suryadevara said on a earnings call that GM spent $700 million on Cruise last year and expects to spend another $1 billion this year.
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