Rive co-founded SolarCity with his older brother Peter in 2006 with financial backing from their cousin Musk. Tesla acquired it in 2016 for US$2.6 billion (AU$3.51 billion approximately).
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 USA residential solar company before driving its sale to Tesla, is leaving the electric vehicle maker in June, he said on Monday.More news: China's economy loses momentum amid clamp down on debt risks
Rive told Reuters in an interview on Monday that he is keen to start a new business and to spend more time with his family on leaving his role. Rive had served as head of sales and services in Tesla's energy division since previous year.
Lyndon Rive, the former chief executive officer of SolarCity and first cousin of Tesla Inc. CEO Elon Musk, the largest individual shareholder of Tesla, proposing that it buys SolarCity, where he served as chairman and also the largest shareholder.More news: SpaceX Falcon 9 rocket sends Inmarsat telecom satellite to high-flying orbit
Rive said that the solar panel installer is "healthier" than it has ever been, and it is time for him to move on. It was also burning through so much cash some more outspoken analysts - who did not fear losing Tesla as a future underwriting client - alleged SolarCity would be insolvent without the Tesla "bailout". Tesla said the takeover would create a unique energy company that could power both your home and your auto. The sale came as investors anxious about the solar panel installer's debt-fueled growth. News of his departure comes only days after the EV maker started taking orders for its new solar product: solar shingles. As we showed before, the only reason the company's business model is competitive and even remotely viable, is due to "tax grants".
Let's hope it's the latter, rather than something being wrong with Tesla or Musk's leadership. But that run has ended, and so has Rive's run at the company. Tesla investors criticized the merger at the time, complaining that incestual connections within the merger were ethically problematic.More news: Specialized Offers a Touching Mother's Day Tribute to Cycling Moms