Shai Agassi quits Better Place board - Israel Business, Ynetnews

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Shai Agassi Photo: AP
Shai Agassi Photo: AP

Shai Agassi quits Better Place board

Week after being ousted as CEO, electric car venture founder decides to step down as member of board of directors as well

Golan Hazani, Calcalist
Published: 10.09.12, 21:25 / Israel Business

Better Place founder Shai Agassi has announced his decision to step down as a board member in the electric car venture. The decision is said to be personal and has not been explained.


Agassi was replaced as company CEO last week, five years after founding Better Place, due to unsatisfactory management and failure to meet sales targets.


Calcalist reported Tuesday that Agassi had rejected an offer to serve as the company's deputy chairman. The offer was made to him by Chairman Idan Ofer.


In addition, Agassi was said to have a shaky relationship with senior Better Place Israel officials. Better Place Israel CEO Moshe Kaplinsky reportedly told Idan Ofer a month ago that he could no longer work with Agassi.


Better Place has informed its investors that it needs an emergency capital injection of $130 million to continue its activity.



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