In recruiting win, GM’s Cruise employees offered equity in Cruise ~ The Tech News

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Friday, 31 August 2018

In recruiting win, GM’s Cruise employees offered equity in Cruise

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In what will be seen as a big recruiting and retention win for Cruise, employees will be offered equity in GM’s self-driving technology subsidiary rather than shares of GM. The securities offering was disclosed in a recent SEC filing for GM Cruise Holdings LLC.

The filing, which also lists the initial officers of GM Cruise Holdings LLC, is a result of SoftBank’s investment in Cruise earlier this year. SoftBank’s Vision Fund announced in May plans to invest $2.25 billion in Cruise. Once that deal closes, GM will invest another $1.1 billion.

GM Cruise Holdings LLC’s board of directors includes Cruise’s CEO and co-founder Kyle Vogt, GM chairman and CEO Mary Barra, GM president Dan Ammann, GM general counsel Craig Glidden and GM’s VP of autonomous technology Doug Parks. Vogt, Cruise’s CFO Geoff Richardson and Cruise general counsel Matt Gipple are executive officers of GM Cruise Holdings.

The equity structure gives all Cruise employees the chance to own actual shares of Cruise, not in GM. It’s a critical development for a company, even one flush with new capital like Cruise, that is working to deploy autonomous vehicles on a commercial scale.

“The goal was primarily to create a new equity structure so that we could recruit and retain the best talent by giving them direct participation in potential upside in Cruise through owning actual shares in Cruise, which we didn’t have before,” Cruise CEO and co-founder Vogt told TechCrunch.

It’s similar to the idea that went behind the acquisition of Argo.ai, Gartner analyst Mike Ramsey noted to TechCrunch.

“The compensation structure at companies like GM and Ford make it difficult for them to compete with the Google’s of the world,” Ramsey said. “The potential for a giant, strike-it-rich pay out from an IPO is a carrot that will attract and keep talent that is in high demand.”

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