After Tesla Acquisition, Musk's Cousin to Leave SolarCity -- Tech Roundup

Power companies need to adapt.     Chiu Ho-yang  Flickr CC BY-NC-SA

Power companies need to adapt. Chiu Ho-yang Flickr CC BY-NC-SA

"Lyndon Rive co-founded SolarCity 11 years ago, and built it into the No. 1 solar provider in the nation", said Tesla in a statement.

Musk served as SolarCity chairman before Tesla bought out SolarCity for $2.6 billion past year.

Lyndon Rive, the CEO and co-founder of SolarCity prior to its acquisition by Tesla, will leave the automaker/energy company in June.

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Rive told Reuters on Monday he is leaving to pursue a new startup sometime next year.

Cal Lankton, Tesla's vice president of global infrastructure operations, will take on an expanded role as head of sales and operations for energy products, the company said. Peter Rive, who was SolarCity's chief technology officer, will remain to focus on the company's solar roofs. The company was formed in 2006 with the help of Musk.

Rive said that the solar panel installer is "healthier" than it has ever been, and it is time for him to move on. Tesla said the takeover would create a unique energy company that could power both your home and your auto. " However, under the much bigger Tesla balance sheet, SolarCity's financial problems were quickly diluted, if not forgotten". Morgan Stanley analyst Adam Jonas has boosted his projection for the amount of cash Tesla will burn through as competition becomes stronger and other businesses encroach on Tesla's business.

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Throughout his decade at the helm of the company, Rive had a populist vision of making rooftop solar energy affordable to all in an effort to curb demand for fossil fuels and combat climate change. Further, he told Reuters that his skill set and what he loves doing are running and starting companies. Tesla could be raising more capital for a successful launch of the Model 3 electric sedan.

Rive started his first company at the age of 17, according to SolarCity's website. I can hand off the baton to somebody else and give myself the opportunity to do something else that could also have another impact. This comes in stark contrast to SolarCity's previous goal of casting a wide net on solar installations, aiming to expand its solar footprint "at any cost".

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