Former SolarCity CEO Lyndon Rive will leave Tesla

17 May, 2017, 01:30 | Author: Elaine Woods

Tesla told Reuters that Peter Rive remains with the company, focused on the solar roof, and Lyndon Rive's duties would be spread among other company executives.

The SolarCity and Tesla exec told Reuters in an interview Monday he would be leaving his post as head of sales and service at Tesla's energy arm.

Lyndon Rive, former SolarCity CEO, plans to leave Tesla in June.

Lyndon Rive - SolarCity founder, former chief executive officer and first cousin to Tesla CEO Elon Musk has chose to depart the electric automaker in June later this year. Rive had served as head of sales and services in Tesla's energy division since previous year.

"I can hand off the baton to somebody else and give myself the opportunity to do something else that could also have another impact", he said.

The leaving of Rive doesn't come as much of a surprise following Tesla's very public and scrutinized $2.6 billion acquisition of SolarCity last August.

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Rive co-founded SolarCity with his older brother Peter in 2006 with financial backing from their cousin Musk.

Over the next decade, SolarCity expanded rapidly with innovative no-money-down financing schemes and a vast sales and installation operation. The company in 2013 aimed to have 1 million customers by 2018, but drastically scaled back plans at the end of 2015, growing far below expectations, as costs for funding that growth mounted and demand began to slow.

Analysts have argued for several months that last year's Tesla-SolarCity merger is hurting the Silicon Valley auto maker's valuation on the market.

Musk said the two companies belonged together because they share a common vision - a world fueled by renewable energy - and leadership. Tesla said the takeover would create a unique energy company that could power both your home and your vehicle. But given that SolarCity was burning through about the same amount of cash as Tesla at the time, despite being one-tenth the size, raised some eyebrows.

Rive started his first company at the age of 17, according to SolarCity's website. Rive's departure comes as Tesla prepares to launch the Model 3, its more affordable electric sedan, in July. Tesla investors criticized the merger at the time, complaining that incestual connections within the merger were ethically problematic.

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