Exclusive-GM's Cruise CEO offers apology, will allow share sales
By Greg Bensinger and Hyunjoo Jin
SAN FRANCISCO (Reuters) -The CEO of Cruise, General Motors (NYSE:GM)' robot taxi unit, on Saturday apologized for the company's situation following an accident that led to the pause of its self-driving vehicle operations while it conducts a safety review.
In an email to staff reviewed by Reuters, Cruise CEO Kyle Vogt also said the firm would make a new tender offer to allow employees to sell shares, just two days after cancelling an earlier offer.
«I am sorry we have veered off course under my leadership and that this has affected many Cruisers in a deeply personal way,» wrote Vogt in the email to employees.
«As CEO, I take responsibility for the situation Cruise is in today. There are no excuses, and there is no sugar coating what has happened. We need to double down on safety, transparency, and community engagement.»
Vogt also noted that the company's approach to working with regulators, press and the public «must improve.»
Cruise had said on Thursday that employees would not be able to sell their shares in the buyback program in the current quarter as it undergoes a compensation review.
But Vogt said in his Saturday email that certain employees could a sell a limited number of shares in a one-time opportunity, citing workers' concerns over tax obligations.
The unlisted Cruise unit introduced the equity program — designed to attract and retain talent — in 2022 to allow current and former employees to sell their vested equity to GM and other investors every quarter.
Suspension of the program sparked backlash from some employees who said they would face heavy tax burdens on the stocks that were vested at a much higher valuation on Oct. 15.
Cancelling the program helped to cut
Read more on investing.com
