General Motors president leaves Lyft's board
General Motors president Dan Ammann. Photo: Julien de Rosa/IP3/Getty Images
General Motors president Dan Ammann is leaving Lyft's board of directors.
Why it matters: This is the latest sign that the two companies' relationship has deteriorated since GM invested $500 million into Lyft in January 2016.
- Ammann will be replaced on Lyft's board by by former Frontier Communications CEO Maggie Wilderotter, who was selected by GM but who will serve as an independent director.
- Wilderotter also serves on the boards of Costco Wholesale Corporation, HP Enterprise, Cadence Design Systems, and DocuSign.
The announcement comes just days after GM announced that SoftBank — an investor in Lyft rival Uber — is investing up to $2.25 billion into GM's self-driving car unit, Cruise. During a conference call, Ammann said that SoftBank's relationships give GM "enhanced flexibility," which we suggested "might send a chill through Lyft."
A source close to the situation says that "the paperwork was done" on Ammann leaving the GM board at the time of the SoftBank announcement.