Deals
New CEO of GM's Cruise to Get Millions If Unit Sells or Has IPO
- Ammann’s pay incentivizes him to sell Cruise within 10 years
- The package is forfeited if he doesn’t launch IPO or sale
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General Motors Co.’s self-driving unit has set up an incentive package for its new chief executive officer that pays out millions if he arranges a sale or initial public offering.
GM Cruise this week granted CEO Dan Ammann $25.6 million in restricted stock units that pay out only in the event of the sale or an IPO within 10 years, the automaker disclosed Wednesday in a regulatory filing. Cruise’s board also awarded Ammann 101,485 options to buy common shares in the company, which GM acquired to develop autonomous-driving technology.