CEO John Krafcik, the CEO of Google’s unique innovation, self-driven cars, is stepping down from his position after five years of working.
The self-driving cars project is worth millions of Dollars and reportedly one of the most futuristic successful projects of Google. A blog post released on Friday reports that John has to enjoy his life amidst the ongoing pandemic as the future is uncertain.
I am looking forward to refreshing my mind and reconnecting with my old friends and family, and I want to travel to new parts of the world, “wrote Krafcik, 59. Krafcik’s two key supporters will replace him as co-CEO. Will focus on private automotive technology. Tekedra Mawakana, a lawyer for former Waymo chief executive, will be taking over the business side of the project.
Krafcik will mentor Waymo. Shortly after that, Google’s self-driving unit moved to Waymo, an Alphabet-owned company, also a Google Parent.
Under Krafcik’s leadership, Waymo formed a partnership with several car manufacturers and established the first passenger transport service without the vehicle’s driver or anyone else. That service, called Waymo One, only works in the major cities of Phoenix. Still, Waymo plans to expand to other markets as the company continues to improve the technology expected to transform the automotive industry.
Waymo’s entry has left it with an estimated market value of $ 30 billion, based on analysts’ estimates made last year after the company earned $ 2.25 billion in its first round of investment outside the Alphabet. But that estimate has dropped dramatically since 2018 when Morgan Stanley’s research report estimates that Waymo was worth about $ 175 billion.
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In all the advances of independent driving, Waymo does not believe he ever made money during Krafcik’s reign. Waymo does not disclose its financial results. It operates within part of the alphabet called some Bets, “which includes other remote projects funded by Google’s digital advertising empire’s massive profits.