GM’s Cruise Awards New CEO Millions to Sell or Pull Off an IPO

Feb. 7, 2019, 2:55 PM

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 IPO within 10 years, the automaker disclosed Feb. 6 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.

Daniel Ammann
Photographer: Kiyoshi Ota/Bloomberg

The move is the clearest sign yet that GM wants...

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