Jun 6, 2018

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.

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Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.