Shai Agassi quits Better Place board

The resignation comes one week after the electric car company founder was ousted as CEO as his relations with the managment worsen.

A week after being ousted as CEO of electric vehicle company Better Place Inc., Shai Agassi has announced that he has resigned from the board of directors.

On October 2, Better Place announced that Agassi, the founder and CEO of the company, was being replaced by Evan Thornley, CEO of Better Place Australia. However, on the same day Agassi said that he would retain his seat on the board and that his heart would always be with the company even though he was no longer CEO.

He wrote last week, "Even though I am not CEO, my heart will always be here at Better Place with absolute identification with the vision, with the wonderful people that have accompanied me on this thrilling and new journey since the days when it was just a dream."

It now seems that with deteriorating relations with the company's management as sales fail to take off, Agassi has also quit the board. Better Place has confirmed the resignation.

Yesterday, "Globes" revealed that the electric car company's shareholders have requested an immediate injection of capital. Sources believe that $130-140 million is required to keep Better lace afloat. Israel Corporation (TASE: ILCO) is Better Place's largest shareholder with a 32% stake.

Published by Globes [online], Israel business news - - on October 10, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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