Former SolarCity CEO Lyndon Rive will leave Tesla

Former SolarCity CEO Lyndon Rive will leave Tesla

"Lyndon Rive co-founded SolarCity eleven years ago, and built it into the number one solar provider in the nation".

Tech-heavy EV maker and energy storage vendor Tesla purchased SolarCity, comfortably one of the US' top three solar installers, for around US$2.6 billion previous year.

SolarCity Founder & CEO Lyndon Rive and SolarCity Chairman Elon Musk speak about the SolarCity IPO during the opening bell ceremony at that NASDAQ stock exchange on December 13, 2012 in Manhattan, New York.Mark Von Holden/APSolarCity founder Lyndon Rive, who steered the dramatic growth of the biggest US residential solar company before driving its sale to Tesla, is leaving the electric vehicle maker in June, he said on Monday. Lyndon wants to spend time with his family and also start a new company.

Rive who serves as head of sales and services for Tesla Energy will not be immediately replaced.

Lyndon Rive, the former chief executive officer of SolarCity and first cousin of Tesla Inc.

Tesla's acquisition of SolarCity is an important part of creating this future.

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Rive said that the solar panel installer is "healthier" than it has ever been, and it is time for him to move on.

In a statement, a Tesla spokeswoman credited Rive with building SolarCity into the country's top solar provider. " However, under the much bigger Tesla balance sheet, SolarCity's financial problems were quickly diluted, if not forgotten". But that run has ended, and so has Rive's run at the company.

"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.

Under Tesla, SolarCity has slowed installations and focused on the most profitable projects that generate cash upfront.

Something tells us whatever company Rive starts will once again end up being generously subsidized by taxpayers.

"Solar Roof is creating a massive new market around the world for consumers that would never have considered using solar power otherwise", Rive said. We'll just repeat our question from almost a year ago when we discussed the Tesla-Solarcity merger, and concluded that "we wonder if 22nd Century investors will be warned of "Musk Schemes"?" Tesla could be raising more capital for a successful launch of the Model 3 electric sedan.

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