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Google CEO Spinoff CEO resigns

SAN RAMON, CA. (AP) – Transformation of Google’s self-driving car project into a multi-billion dollar company The CEO of a retiring company is retiring after more than five years.

In a blog post on Friday, Kon Krafchik announced his resignation as CEO of Waymo, a company that left Google, stating his desire to enjoy life as soon as it comes out of the epidemic.

“I look forward to a period of renewal, reconnecting with old friends, family and discovering new parts of the world,” wrote Krafchik, 59.

He will be replaced by two of Krafcik’s top lieutenants as co-chairs. Dmitry Dolgov, who has been working on self-driving cars since Google founded Waymo in 2009, will focus on autonomous car technology. Tekedra Mavakana, a lawyer and former CEO of Waymo, will handle the business side of the operation.

Krafcik will remain a consultant to Waymo, a company that has established itself as a clear leader in autonomous vehicles since it was hired by Google in 2015. Google parent.

Under the direction of Krafcik, Waymo partnered with several major automakers to launch the first passenger service without taking any other passengers in or out of the car. The service, called Waymo One, operates only in the Phoenix metropolitan area, but Waymo plans to expand into other markets as the company continues to improve technology that is expected to transform the auto industry.

Waymo’s intrusion left it with an estimated market value of about $ 30 billion, based on analysts’ estimates made last year after the company raised $ 2.25 billion in its first phase outside of the Alphabet. But that estimate has plummeted since 2018, when a Morgan Stanley research report estimated that Waymo was worth about $ 175 billion.

The huge swing reflects the challenges of building self-propelled vehicles that can sail safely while still dealing with traditional vehicles controlled by humans. This problem has proven to be much more complex than Waymo և Dozens of other companies working on self-driving car technology imagined five or six years ago.

Despite his advances in autonomous driving, he does not believe Wymon ever made money under Krafchik. Waymo does not disclose its financial results. It operates within a section of the alphabet called Other Bets, which includes several other remote projects funded by huge profits from Google’s digital advertising empire.

Alphabet’s “Other Bets” have lost nearly $ 13 billion over the past three years.

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