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GM's Dan Ammann takes over as CEO of Cruise Automation

Co-founder Kyle Vogt continues on as president and chief technology officer.

GM President Dan Ammann has been named CEO of Cruise Automation, a company whose acquisition by GM he spearheaded in 2016.

Fred Dufour/AFP/Getty Images

The business of developing self-driving cars is booming, and if you want proof of that, look no further than Cruise Automation's Thursday announcement that it has appointed GM President Dan Ammann as its new CEO. Company founder Kyle Vogt will work alongside Ammann as Cruise's chief technology officer and president beginning on Jan. 1, 2019.

Dan Ammann led the charge in General Motors' acquisition of Cruise back in 2016 and was the company's lead point of contact at GM. Since his appointment to president at GM, Ammann has been in charge of GM Financial and was instrumental in the sale of Opel to the PSA Group.

"These appointments further demonstrate our commitment to transforming mobility through the safe deployment of self-driving technology and move us closer to our vision for a future with zero crashes, zero emissions and zero congestion," said Mary Barra, GM chairperson and CEO. "As we move toward commercial deployment, adding Dan to the strong team led by Kyle is the next step."

Cruise also recently received a $2.75 billion investment from Honda and Japanese investment group, Softbank. The company is currently sitting on a $14.6 billion valuation.