It’s musical chairs at electric car infrastructure company Better Place. The company is officially changing up its current CEO, Evan Thornley, who took on the role only three months ago, following the departure of Better Place founder and original CEO Shai Agassi.
Better Place says Idan Ofer, Chairman of the Board, will act as Executive Chairman and manage external relationships and alliances, and Alan Gelman, Global CFO for Better Place, will manage daily operations. According to reports back in October the board of Better Place removed Agassi in the face of mounting losses and a slow uptake of its electric car service in Israel.
Back in October, Better Place had reportedly wracked up losses of $ 490 million since it was founded, and Israel Corporation, which owns almost a third of the company, held a $ 160 million loss. Last month Globes, the Israeli business publication, also reported that 140 persons were laid off, and another 150 to 200 could be laid off soon.
Better Place spokesperson Julie Mullins told me last month that Better Place has 800 customers between Israel and Denmark, and the networks are nearly complete. Mullins also says that the company has growing momentum in Australia and a successful taxi program running in Amsterdam.
Better Place recently raised $ 100 million, in two tranches. In the Better Place release on the CEO change up, the company thanked Thornley for his leadership during the fund raising process. Better Place previously raised more than $ 750 million, and had raised a round in late August of $ 50 million loan (€40 million) from European Investment Bank. Investors include GE, UBS, VantagePoint Venture Partners and others.
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