The head of General Motors Company's (NYSE:GM) BrightDrop electric commercial vehicle unit is leaving the company amid a restructuring, the automaker announced Thursday.
GM is reconfiguring BrightDrop to make it less independent from the company and reduce its cost. BrightDrop chief Travis Katz will depart the company at an undisclosed date.
The EV unit launched in 2021 as a startup within GM that the automaker envisioned as having operational freedom. Now, the unit is being integrated back into GM to improve efficiency.
"Bringing BrightDrop fully into GM means the beginning of a new chapter," GM said in a blog post.
GM still plans to increase production of BrightDrop Zevo vans, which the company expects to resume in 2024.
Shares of GM fell 2.4% Thursday to $27.48.
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