- General
- June 7, 2018
- 4 minutes read
GM Head Dan Anmann leaves Lyft’s Board
Dan Anmann, Center together with Lyft co-founders Logan Green and John Zimmer image credit : GM Current General Motors’ President…
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| Dan Anmann, Center together with Lyft co-founders Logan Green and John Zimmer |
image credit : GM
Current General Motors’ President Dan Anmann who joined Lyft’s board after GM’s $500 million investment into the company has now made a move to step down from the board amidst increased competition between the two companies in their autonomous pursuits and will be replaced by HP/Docusign board member and telecom executive Maggie Wilderotter.
Anmann, who led GM’s huge investment in Lyft and also formed a partnership where Lyft drivers who didn’t have cars where able to rent GM cars and make money by taking rides has been of high value to the company but will have to step down from the board as GM and Lyft continue to increase their efforts in the same space of autonomous driving, For legal and company-ethical reasons and also to avoid conflict of interest, Dan will be leaving Lyft which currently states that its market share in the U.S. Ride-Hailing space has grown to a huge 35% whilst garnering an average of 10 million rides every week.
GM’s Cruise self driving unit which it snapped up for $581 million and has grown to a huge value of $11.5 Billion after a $2.25 investment from Softbank where it put up $900 million upfront and is set to invest the additional $1.35 billion when it goes commercial with its self-driving vehicles is in direct competition with some of Lyft’s partners including autonomous leader Waymo, Aptiv, Ford and also automotive parts giant Magna.
GM Spokesman Dave Roman issued a statement concerning this move, Clarifying that this board change has no effect on GM’s investment and pleasing partnership with the company, GM is calculated to have made huge returns on its investment in the company as Lyft’s value has increased way more than it was during the time of the $500 million investment, Seeing that the company has also taken a $1 Billion investment from Alphabet and also from others and is currently valued at $11.5 Billion.
