Dan Ammann

Last updated

Dan Ammann
Born1972 (age 51–52) [1]
Eureka, Waikato, New Zealand
Alma mater University of Waikato
Occupation(s)Head of ExxonMobil Low Carbon Solutions
Former CEO of Cruise

Dan Ammann is a New Zealand business executive. He is the former CEO of Cruise, having been the President of General Motors (GM) between 2015 and 2019. Ammann joined GM as treasurer following its 2009 bankruptcy, and also was the company's CFO. Prior to GM, Ammann was a managing director and head of industrial investment banking for Morgan Stanley. Ammann today is head of ExxonMobil Low Carbon Solutions. [2]

Contents

Early life

Dan Ammann was born and raised in Eureka, a rural area outside of Hamilton, New Zealand. In 1994, he graduated from the University of Waikato with a bachelor of management studies. [3] [4]

Investment banking

Ammann began his career as an investment banker, [5] starting at Credit Suisse First Boston in 1993. [3] He moved to New York City in 1997, [1] and continued to work for Credit Suisse until moving to Morgan Stanley in 1999. In 2004, [3] he was appointed the position of managing director and head of industrial investment banking for Morgan Stanley. [6] At Morgan Stanley, Ammann worked with clients in the technology, service, and manufacturing industries, helping with mergers, acquisitions, raising capital, and restructuring. [7] He was also the lead advisor on GM's bankruptcy reorganization. [1]

GM

Ammann joined GM in 2010 as the company's treasurer [8] following the company's bankruptcy restructuring. In November 2010, he managed GM's initial public offering. [9] He became the company's CFO in 2011. [7] In addition to helping lead GM's automotive business, he also led GM Financial. [6] Ammann then served as executive vice president of GM, [6] before becoming the company's president in January 2014. [10] [11] After Ammann became president of GM, the New Zealand Herald wrote that he had become "one of the most powerful Kiwi businessmen in the world". [12] As of 2014, he was also one of GM's few test drivers certified to drive at the Nürburgring. [13]

As president, he led product groups including Chevrolet, Cadillac [14] and Cruise. In 2018, Ammann transitioned leadership of the Cadillac brand to GM product chief Mark Reuss in order to spend more time focusing on Cruise. [15] Ammann helped guide the 2016 acquisition of Cruise [9] and was subsequently closely involved with its leadership, [16] growing the company from 40 to around 1,000 employees. [17] During his tenure, Ammann led GM to transition its focus to electric and automated vehicles. [8]

In 2016, Ammann joined the Lyft board of directors when GM invested $500 million in the company. [18] He departed the board two years later. [19]

Cruise

Ammann was the president of GM until 1 January 2019, [8] [20] when he was named the CEO of Cruise, the self-driving automobiles division of GM. [21] As CEO of Cruise, he also remained a member of the GM CEO's leadership team. [5] Ammann left Cruise in December 2021 without explanation from GM or Cruise. [22]

ExxonMobil

In 2022, ExxonMobil announced that Ammann had joined them as the head of the company's low carbon solutions division. [2] ExxonMobil's CEO Darren Woods stated "We welcome Dan to ExxonMobil and will use his knowledge and experience to continue to build our Low Carbon Solutions business". [23]

Personal life

Ammann is married and has two children. [3]

Related Research Articles

<span class="mw-page-title-main">General Motors</span> American multinational automotive company

General Motors Company (GM) is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing four automobile brands: Chevrolet, GMC, Cadillac, and Buick. By total sales, it has continuously been the largest automaker in the United States, and was the largest in the world for 77 years before losing the top spot to Toyota in 2008.

<span class="mw-page-title-main">Mobil</span> American petroleum brand owned by ExxonMobil

Mobil is a petroleum brand owned and operated by American oil and gas corporation ExxonMobil. The brand was formerly owned and operated by an oil and gas corporation of the same name, which itself merged with Exxon to form ExxonMobil in 1999.

<span class="mw-page-title-main">Morgan Stanley</span> American financial services company

Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 75,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000.

<span class="mw-page-title-main">Lee Raymond</span> American businessman (born 1938)

Lee Roy Raymond is an American businessman and was the chief executive officer (CEO) and chairman of ExxonMobil from 1999 to 2005. He had previously been the CEO of Exxon since 1993. He joined the company in 1963 and served as president from 1987 and a director beginning in 1984.

<span class="mw-page-title-main">Edward Whitacre Jr.</span> American businessman

Edward Earl Whitacre Jr. is the former chairman and CEO of General Motors. He is also a former chairman of the board and chief executive officer of AT&T, previously Southwestern Bell Corporation (SBC). He served as national president of the Boy Scouts of America from 1998 to 2000. On September 1, 2010, Whitacre stepped down as CEO, and retired as chairman of the board by the end of 2010.

Ted Halstead was an American author, policy entrepreneur, and public speaker who founded four non-profit think tanks and advocacy organizations: the Climate Leadership Council, Americans for Carbon Dividends, New America, and Redefining Progress. His areas of expertise included climate policy, economic policy, environmental policy, healthcare, and political reform.

<span class="mw-page-title-main">Business action on climate change</span> Range of activities by businesses relating to climate change

Business action on climate change is a topic which since 2000 includes a range of activities relating to climate change, and to influencing political decisions on climate change-related regulation, such as the Kyoto Protocol. Major multinationals have played and to some extent continue to play a significant role in the politics of climate change, especially in the United States, through lobbying of government and funding of climate change deniers. Business also plays a key role in the mitigation of climate change, through decisions to invest in researching and implementing new energy technologies and energy efficiency measures.

<span class="mw-page-title-main">Rex Tillerson</span> American energy executive (born 1952)

Rex Wayne Tillerson is an American energy executive who served as the 69th United States secretary of state from 2017 to 2018 in the administration of Donald Trump. From 2006 to 2016, he was chairman and chief executive officer (CEO) of ExxonMobil.

<span class="mw-page-title-main">ExxonMobil</span> American multinational oil and gas company

ExxonMobil Corporation is an American multinational oil and gas corporation and the largest direct descendant of John D. Rockefeller's Standard Oil. The company, which took its present name in 1999 per the merger of Exxon and Mobil, is vertically integrated across the entire oil and gas industry, and within it is also a chemicals division which produces plastic, synthetic rubber, and other chemical products. ExxonMobil is headquartered near the Houston suburb of Spring, Texas, though officially incorporated in the U.S. state of New Jersey. The company is the largest oil and gas company based in the US, America's third largest by revenue among all industries, and the eighth largest in the world.

Fuel hedging is a contractual tool some large fuel consuming companies, such as airlines, cruise lines and trucking companies, use to reduce their exposure to volatile and potentially rising fuel costs. A fuel hedge contract is a futures contract that allows a fuel-consuming company to establish a fixed or capped cost, via a commodity swap or option. The companies enter into hedging contracts to mitigate their exposure to future fuel prices that may be higher than current prices and/or to establish a known fuel cost for budgeting purposes. If such a company buys a fuel swap and the price of fuel declines, the company will effectively be forced to pay an above-market rate for fuel. If the company buys a fuel call option and the price of fuel increases, the company will receive a return on the option that offsets their actual cost of fuel. If the company buys a fuel call option, which requires an upfront premium cost, much like insurance, and the price of fuel decreases, the company will not receive a return on the option but they will benefit from buying fuel at the then-lower cost.

<span class="mw-page-title-main">Chris Liddell</span> New Zealand-born American businessman and philanthropist (born 1958)

Christopher Pell Liddell is a New Zealand-American businessperson who served as Chief Financial Officer of Microsoft, the Vice Chairman of General Motors, Senior Vice President and CFO of International Paper, Director and Chairman of Xero and the White House Deputy Chief of Staff in the Trump Administration.

<span class="mw-page-title-main">Mary Barra</span> American businesswoman and executive

Mary Teresa Barra is an American businesswoman who has been the chair and chief executive officer (CEO) of General Motors since January 15, 2014. She is the first female CEO of a 'Big Three' automaker. In December 2013, GM named her to succeed Daniel Akerson as CEO. Prior to being named CEO, Barra was executive vice president of global product development, purchasing, and supply chain.

<span class="mw-page-title-main">Ruth Porat</span> American businessperson (born 1958)

Ruth Porat is a British–American business executive who is the President and Chief Investment Officer of Alphabet and its subsidiary Google, LLC and prior to that was Chief Financial Officer of the same companies from 2015 to 2024. Prior to joining Google, Porat was the Executive Vice President & Chief Financial Officer of Morgan Stanley from January 2010 to May 2015.

<span class="mw-page-title-main">ExxonMobil climate change denial</span> Overview of climate-related ExxonMobil controversies

From the 1980s to mid 2000s, ExxonMobil was a leader in climate change denial, opposing regulations to curtail global warming. For example, ExxonMobil was a significant influence in preventing ratification of the Kyoto Protocol by the United States. ExxonMobil funded organizations critical of the Kyoto Protocol and seeking to undermine public opinion about the scientific consensus that global warming is caused by the burning of fossil fuels. Of the major oil corporations, ExxonMobil has been the most active in the debate surrounding climate change. According to a 2007 analysis by the Union of Concerned Scientists, the company used many of the same strategies, tactics, organizations, and personnel the tobacco industry used in its denials of the link between lung cancer and smoking.

<span class="mw-page-title-main">Darren Woods</span> American businessman and CEO of ExxonMobil

Darren Wayne Woods is an American businessman who is the chief executive officer (CEO) and chairman of ExxonMobil since January 1, 2017.

Egil Olav Hogna is a Norwegian engineer and business executive. On 1 September 2015 he was appointed new CEO of Sapa Group, the world's largest aluminium processor with NOK 53 billion in turnover and 22,400 employees in 40 countries. Following Hydro's acquisition of Sapa in 2017, Sapa was integrated as Hydro's largest business area. Hogna led the Extruded Solutions business area from 2017 to 2020. On 1 December 2020, he took over as CEO of Norconsult. Hogna has a master's degree in Industrial Economics from NTNU in Trondheim. He holds an MBA from INSEAD and a management education from Harvard Business School.

Engine No. 1 is an American activist and impact-focused investment firm. It attracted attention with its campaign to replace four members of ExxonMobil's board of directors despite owning only 0.02% of the company's shares. The firm describes its investment approach as "active ownership", as it prefers to work with management instead of launching activist campaigns.

ExxonMobil, an American multinational oil and gas corporation presently based out of Texas, has had one of the longest histories of any company in its industry. A direct descendant of John D. Rockefeller's Standard Oil, the company traces its roots as far back as 1866 to the founding of the Vacuum Oil Company, which would become part of ExxonMobil through its own merger with Mobil during the 1930s. The present name of the company comes from a 1999 merger of Standard Oil's New Jersey and New York successors, which adopted the names Exxon and Mobil respectively throughout the middle of the 20th century. Because of Standard Oil of New Jersey's ownership over all Standard Oil assets at the time of the 1911 breakup, ExxonMobil is seen by some as the definitive continuation of Standard Oil today.

Jon McNeill is an American businessman who is the chief executive officer of venture capital firm DVx Ventures. He previously served as the president of Tesla, Inc. and the chief operating officer of Lyft.

References

  1. 1 2 3 Hembry, Owen (12 March 2011). "One Kiwi replaces another at GM". The New Zealand Herald. Retrieved 6 October 2020.
  2. 1 2 Cavcic, Melisa (23 March 2022). "ExxonMobil's low-carbon business gets new boss as current one steps down". Offshore Energy. Retrieved 31 August 2022.
  3. 1 2 3 4 Stevenson, Rebecca (11 March 2011). "Profile: Dan Ammann". Stuff.
  4. ↑ "Our man at GM". The University of Waikato. August 2011. Retrieved 2 October 2020.
  5. 1 2 DeBord, Matthew. "GM President Dan Ammann is taking over as CEO of the Cruise self-driving division as the company pushes toward a commercial launch in 2019". Business Insider.
  6. 1 2 3 "Meet Dan Ammann, one of Fast Company's Most Creative People". Fast Company.
  7. 1 2 Harris, Roy (11 March 2011). "New GM CFO Ammann Brings Investing Skills to the Job". CSO Online.
  8. 1 2 3 "Ammann's move shifts GM leadership dynamic". Automotive News. 3 December 2018.
  9. 1 2 Burden, Melissa (29 November 2018). "Architect of Cruise deal now gets to run the company". Automotive News. Retrieved 2 October 2020.
  10. ↑ David Welch (6 February 2019). "New CEO of GM's Cruise to Get Millions If Unit Sells or Has IPO". Bloomberg.
  11. ↑ "Mary Barra to replace Dan Akerson as CEO of GM". Automotive News. Crain's Detroit Business. 10 December 2013. Retrieved 2 October 2020.
  12. ↑ "Kiwi drives into GM's fast lane". The New Zealand Herald. 4 October 2014. Archived from the original on 19 September 2017. Retrieved 6 October 2020.
  13. ↑ Maetzig, Rob (8 October 2014). "From Kiwi cows to GM cars". Stuff. Retrieved 6 October 2020.
  14. ↑ "In short order, Dan Ammann has soared to GM's top operations jobs". Automotive News. 20 April 2015. Retrieved 6 October 2020.
  15. ↑ Naughton, Nora. "Top GM execs get new responsibilities under AV push". Detroit News.
  16. ↑ Naughton, Nora. "GM looks to new president Mark Reuss for electric, driverless future". Detroit News.
  17. ↑ Colias, Mike (29 November 2018). "GM President Dan Ammann to Take New Role as Head of Autonomous-Car Business". The Wall Street Journal. Retrieved 6 October 2020.
  18. ↑ Isaac, Mike (4 January 2016). "General Motors, Gazing at Future, Invests $500 Million in Lyft". The New York Times. Retrieved 6 October 2020.
  19. ↑ Newcomer, Eric (6 June 2018). "General Motors President Leaves Lyft's Board, Picks Replacement". Bloomberg. Retrieved 6 October 2020.
  20. ↑ "GM's incentive plan for Cruise chief points to IPO: SEC filing". Reuters. 7 February 2019 – via www.reuters.com.
  21. ↑ DeBord, Matthew. "Speculation about an IPO of GM's Cruise self-driving division is premature". Business Insider.
  22. ↑ Korosec, Kirsten (16 December 2021). "Longtime GM exec Dan Ammann is out as Cruise CEO". techcrunch.com. Retrieved 28 February 2022.
  23. ↑ "ExxonMobil appoints Dan Ammann president of Low Carbon Solutions; Joe Blommaert to retire". ExxonMobil. Retrieved 31 August 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.