• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Exclusive: GM’s Cruise CEO offers apology, will allow share sales
Business

Exclusive: GM’s Cruise CEO offers apology, will allow share sales

November 19, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company’s headquarters in San Francisco

A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company’s headquarters in San Francisco where it does most of its testing, in California, U.S., September 26, 2018. Picture taken on September 26, 2018. REUTERS/Heather Somerville/File Photo Acquire Licensing Rights

SAN FRANCISCO, Nov 18 (Reuters) – The CEO of Cruise, General Motors’ 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.

See also  Oracle Falls After Reporting Slower Growth in Cloud Sales

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 costs for GM after it had to pause Cruise operations.

“We’ve heard your concerns and are developing a plan to conduct a new tender offer that would provide some RSU liquidity to mitigate potential tax obligations,” Vogt said, referring to the restricted stock units, a type of equity compensation.

Vogt did not provide any details on the new offer.

One frustrated employee told Reuters on Saturday: “I’m glad they realized they needed to fix the situation.”

A Cruise spokesperson did not have an immediate comment on Saturday.

In November, the California Department of Motor Vehicles (DMV) ordered Cruise to remove its driverless cars from state roads, calling the vehicles a risk to the public and saying the company had misrepresented the safety of its technology.

Cruise did not initially disclose all video footage of an Oct. 2 accident that involved another vehicle and ended up with one of Cruise’s self-drive taxis dragging a pedestrian, the regulator said.

Cruise has said it showed officials of the California DMV the complete video of the accident multiple times and provided a copy to officials.

Cruise has suspended all robot taxi services in the United States, saying it needs to win back public trust with a full safety review of its vehicles and self-drive technology.

See also  ‘You Need To Check Yourself’: Fed Chair Warns Not To Dismiss Recent High Inflation Reports

Reporting by Greg Bensinger and Hyunjoo Jin in San Francisco; Additional reporting by David Shepardson in Washington; Editing by Cynthia Osterman and Tom Hogue

: .

Acquire Licensing Rights, opens new tab

Greg Bensinger joined Reuters as a technology correspondent in 2022 focusing on the world’s largest technology companies. He was previously a member of The New York Times editorial board and a technology beat reporter for The Washington Post and The Wall Street Journal. He also worked for Bloomberg News writing about the auto and telecommunications industries. He studied English literature at The University of Virginia and graduate journalism at Columbia University. Greg lives in San Francisco with his wife and two children.

apology CEO Cruise EXCLUSIVE GMs offers sales Share
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Experts Sound Alarm over Poison Pill that Could Kill Chance to Secure Texas Electric Grid

April 30, 2023

Many Questions Remain About the Afghan Fund, and Its Frozen $3.5 Billion

January 8, 2024

Charlie Kirk Announces Turning Point USA Will Match Legal Defense Donations to Meme Maker ‘Ricky Vaughn’

February 20, 2023

Trump Jan. 6 Arraignment: Live Updates On Former President’s Court Appearance

August 3, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Apollo Global Management, Inc. (APO) Stock Forecasts

August 30, 2023

North Korea’s Market Dilemma: Balancing Control and Revenue Generation

July 26, 2024

Italy PM Meloni Admits She Hoped to Do ‘Better’ on Illegal Migrant Surge

September 26, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.