Motional CEO Steps Down as Hyundai Takes Control of Self-Driving Startup
Motional president and CEO Karl Iagnemma is stepping down from his leadership role, with CTO Laura Major taking over as interim CEO. The leadership change comes shortly after Hyundai acquired a majority stake in the autonomous vehicle joint venture.
Karl Iagnemma steps down as president and CEO of Motional, the autonomous vehicle joint venture backed by Hyundai. Iagnemma transitions to a senior strategy adviser role, while Chief Technology Officer Laura Major takes over as interim CEO and keeps her current technology duties. Motional does not provide a specific reason for the leadership change, but a source familiar with the situation says the decision is amicable.
Iagnemma is a central figure in the self-driving industry and co-founded Motional's predecessor, Nutonomy, in 2013 after participating in DARPA's famous Urban Challenge. Under his leadership, Nutonomy becomes the first company to deploy a public trial of a self-driving car service in Singapore before its $450 million acquisition by Delphi, which is now known as Aptiv. He later leads Motional when Hyundai and Aptiv form their $4 billion joint venture in 2019.
This leadership transition occurs during a pivotal time for the company as it navigates a challenging funding environment that delays its commercial robotaxi plans. Earlier this year, Aptiv stops allocating capital to the venture, prompting Hyundai to step forward with a $1 billion investment to take a majority stake. The fresh funding provides the self-driving startup with the necessary capital to maintain operations and continue developing its autonomous technology.