Cruise CEO Kyle Vogt resigns from GM-owned robotaxi unit
Cruise founder and CEO Kyle Vogt has resigned from his role at the autonomous vehicle venture owned by General Motors, according to a company statement sent to CNBC on Sunday.
Jordan Vonderhaar | Bloomberg | Getty Images
Cruise CEO and co-founder Kyle Vogt has resigned from his role at the autonomous vehicle venture owned by General Motors, according to a company statement sent to CNBC on Sunday.
Mo Elshenawy, who previously served as executive vice president of engineering at Cruise, will now serve as president and CTO for Cruise, the company said.
Vogt confirmed his resignation Sunday night in a social media post on X, formerly known as Twitter. He did not give a reason for the resignation, and said he plans “to spend time with my family and explore some new ideas.”
The departing CEO also offered words of encouragement, writing: “Cruise is still just getting started, and I believe it has a great future ahead. The folks at Cruise are brilliant, driven, and resilient. They’re executing on a solid, multi-year roadmap and an exciting product vision. I’m thrilled to see what Cruise has in store next!”
Vogt’s resignation follows a string of missteps by Cruise.
As CNBC previously reported, the company issued a voluntary recall affecting 950 of its robotaxis, and suspended all vehicle operations on public roads following a series of incidents that sparked criticism from first responders, labor activists and local elected officials, especially in San Francisco.
In one serious incident in October, the human driver of another vehicle struck a pedestrian in San Francisco at night, tossing her into the path of a Cruise self-driving car, which then drove over and dragged her.
The California Department of Motor Vehicles suspended Cruise’s deployment and testing permits for its autonomous vehicles after that incident. “When there is an unreasonable risk to public safety, the DMV can immediately suspend or revoke permits,” the regulators said in a statement at the time.
In orders of suspension the California DMV issued to Cruise, the regulators accused the company of failing to give a transparent account of what happened during the pedestrian collision.
Separately, the National Highway Traffic Safety Administration is investigating Cruise to determine whether its automated driving systems “exercised appropriate caution around pedestrians in the roadway,” according to a filing on the agency’s website.
GM purchased Cruise in 2016. It then brought on investors such as Honda Motor, Softbank Vision Fund and, more recently, Walmart and Microsoft. However, last year, GM acquired SoftBank’s equity ownership stake for $2.1 billion.
GM execs, including CEO and Chair Mary Barra, had hoped the startup would be ramping up a driverless transportation network this year, and hoped Cruise would play a notable role in doubling the company’s revenue by 2030.
In October 2021, GM said it expected “new businesses” such as Cruise and its BrightDrop commercial EV business to grow from $2 billion to $80 billion during that timeframe.
According to its most recent quarterly update, GM has lost roughly $1.9 billion on Cruise between January and September 2023, including $732 million in the third quarter alone.
Barra also serves as chair of the Cruise board of directors. Former Tesla and Lyft executive Jon McNeill, a member of GM’s board of directors since 2022, was appointed vice chairman of the self-driving unit’s board following Vogt’s resignation.
Alex Roy from transportation consultancy Johnson & Roy told CNBC, “Responsibility starts at the top. If Cruise is going to survive, and they have great technology there, the CEO had to go.”
“I suspect at least one more high level exec will have to resign — anyone who made the call to obfuscate or omit information in communication with the California DMV,” he said. “In my opinion, Cruise has been too slow in taking steps to rebuild trust with staff, regulators and the public. Executive departures are table stakes.”
Vogt’s resignation comes roughly two years after he was reappointed as CEO, following an unexpected departure by Dan Ammann, a former GM executive, in December 2021.
Ammann, a former investment banker, began leading Cruise in 2019 after serving as GM’s president and chief financial officer before that. He was credited with the 2016 acquisition of Cruise.
Charles Liang, CEO of Super Micro, speaks at the Computex conference in Taipei, Taiwan, on June 1, 2023.
Walid Berrazeg | Sopa Images | Lightrocket | Getty Images
Super Micro Computer shares slid 15% in extended trading on Tuesday after the server maker reported disappointing fiscal fourth-quarter results and issued weak quarterly earnings guidance.
Here’s how the company did in comparison with LSEG consensus:
- Earnings per share: 41 cents adjusted vs. 44 cents expected
- Revenue: $5.76 billion vs. $5.89 billion expected
Super Micro’s revenue increased 7.5% during the quarter, which ended on June 30, according to a statement.
For the current quarter, Super Micro called for 40 cents to 52 cents in adjusted earnings per share on $6 billion to $7 billion in revenue for the fiscal first quarter. Analysts surveyed by LSEG were looking for 59 cents per share and $6.6 billion in revenue.
For the 2026 fiscal year, Super Micro sees at least $33 billion in revenue, above the LSEG consensus of $29.94 billion.
Super Micro saw surging demand starting in 2023 for its data center servers packed with Nvidia for handling artificial intelligence models and workloads. Growth has since slowed.
The company avoided being delisted from the Nasdaq after falling behind on quarterly financial filings and seeing the departure of its auditor.
As of Tuesday’s close, Super Micro shares were up around 88% so far in 2025, while the S&P 500 index has gained 7%.
Executives will discuss the results on a conference call starting at 5 p.m. ET.
WATCH: We have a runaway bull market right now, says Jim Cramer
Hinge Health co-founders, Gabriel Mecklenburg and Daniel Perez celebrate its initial public offering at the New York Stock Exchange on May 22, 2025.
NYSE
Shares of Hinge Health popped 6% in extended trading on Tuesday after the digital physical therapy company reported quarterly results for the first time since its debut on the New York Stock Exchange in May.
Here’s how the company did based on average analysts’ estimates compiled by LSEG:
- Loss: Loss per share of $13.10. That may not compare with the 9 cents per share earnings expected
- Revenue: $139 million vs. $125 million expected
Revenue at Hinge increased 55% in the second quarter from $89.8 million during the same period last year, according to a release.
Hinge reported a net loss of $575.65 million, or $13.10 per share, compared to a loss of $12.93 million, a loss of 96 cents per share, during the same period a year earlier. The company said its GAAP loss from operations was $580.7 million, which included $591.0 million from stock-based compensation expenses.
“We’re still introducing ourselves to the world,” Hinge CEO Daniel Perez told CNBC in an interview on Tuesday. “The most important thing I’d hope for people to take away is the long-term potential of using software and connected hardware to automate care delivery itself.”
Hinge, founded in 2014, uses software to help patients treat acute musculoskeletal injuries, chronic pain and carry out post-surgery rehabilitation remotely.
It finished the second quarter with 2,359 clients, up 39% from 1,785 clients during the same period last year.
Hinge said it expects to report revenue between $141 million and $143 million during its third quarter. LSEG analysts were expecting $129 million. For the full year, the company said it expects revenue of $548 million to $552 million, which also beat the $511 million expected by LSEG analysts.
The stock opened at $39.25 in May, rising 23% from its $32 IPO price. Shares of Hinge closed at $48.22 on Tuesday.
“We believe we’re fundamentally reshaping how care can be delivered more effectively and efficiently,” Perez said during the company’s quarterly call with investors.
Hinge Health 3 month stock chart.
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