Lyndon Rive, the co-founder of household solar giant, SolarCity, has decided to leave Tesla next month (”NASDAQ”:”TSLA”). During a sit-down with CNBC, the former CEO admitted that June will see the end of his executive role at the electric car maker. Rive is famously recognized as the man who pushed America’s greatest household solar firm to new heights. He became chief of sales and services at Tesla Energy after selling his company last year.
$2.6 billion was what Tesla paid to adopt SolarCity back in August 2016. The purchase forms part of the luxury car maker’s goal to become a global leader in renewable energy. It appears that Rive stayed long enough to ensure his firm was left in good hands. Next on the agenda; a brand new company and more time at home.
SolarCity’s transition into the safe, warm bosom of Tesla, Inc. was not without controversy. Wall Street was initially against the move on a mega-scale. One major concern was SolarCity’s debt-fueled expansion while others didn’t like Musk’s close involvement with the company. Indeed, Musk and Rive are cousins by relation. The purchase of SolarCity was widely scandalized as a bailout transaction to profit both CEOs.
However, no one seems to be complaining too loudly anymore. A new Powerwall and Solar Roof concept have come to the fore since the buyout was finalized. Safe to say, SolarCity and Tesla are integrating nicely. In light of this, Rive believes his work at Tesla is done. Preparations to set out for greener pastures are now in order.
Rive ensured SolarCity and Tesla thrived together, TSLA
In all rationale, SolarCity is proving to be a great investment for Tesla(”NASDAQ”:”TSLA”). A major provider of household solar, its ambitions align with those of Elon Musk. Rive passed a decade as the business’ leader. Much like Tesla, Inc., his alluring vision had people rallying behind his company.
Consider the idea of making rooftop solar affordable for everyone. Couple that with the effort to wean entire households off fossil fuels, and you get both pocket savers and planet savers advocating for your success.
For now Tesla (”NASDAQ”:”TSLA”) says Rive’s responsibilities will be spread among existing members of management. The company’s VP of global infrastructure also will adopt an expanded role as sales and services chief. Rive is confident that SolarCity is in good hands, though. He tells CNBC that the company “healthier than it’s ever been.” This is in spite of the fact the installations have slowed since its adoption was finalized.
On Monday, Rive said his skill set and passions involve starting and leading companies to success. “I can hand off the baton to else [at Tesla]” he shared. That will offer him “the opportunity to do something else that could also have another impact.”