Better Place

Better Place has long promoted itself to the electric-vehicle advocate community as the expert in battery-swapping technology. Turns out, the company is proficient at swapping out its CEOs, too.

Evan Thornley, who became CEO in October, had been chief of the company's Australia operations before replacing Better Place founder Shai Agassi. Thornley is now out, the company says.

Thornley helped the company "raise the capital it needed to sustain continued operations," but won't be leading the company's effort in expanding its sales and network of battery-swapping stations in countries such as Israel and Denmark. Better Place CFO Alan Gelman will oversee the company until yet another CEO successor is tapped.

Thornley took over company leadership after Agassi, who founded the company in 2007, was pushed out in October. Reuters, citing information from Better Place shareholder Israel Corp., says the company has racked up a deficit of more than $560 million since its inception. Check out Better Place's press release below.
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BETTER PLACE ALIGNS LEADERSHIP TEAM TO TACKLE NEXT PHASE OF GROWTH

Tel Aviv - Better Place, the world's leading provider of Electric Vehicle Network Services announced today new roles and responsibilities for its senior management team as it continues the transition from a development company into a commercially focused organization.

Over the last three months, Evan Thornley, previously CEO of Better Place Australia, assumed the role of Global CEO. Under Evan's leadership and direction, the company was able to raise the capital it needed to sustain continued operations, and underwent a significant restructuring to better position the organization for long-term success.

Today the Board thanked Evan for his services over this transition period. "Evan stepped up at a critical junction for Better Place," said Idan Ofer, Chairman of the Board of Better Place. "We thank Evan for his invaluable service to the company. Under his direction we were able to ensure Better Place retains its position as a global leader in EV infrastructure and services. We wish Evan the best of luck in his future endeavors."

At the Global Level, Mr. Ofer will assume the role of Executive Chairman and manage external relationships and alliances for Better Place, while Alan Gelman, Global CFO for Better Place, will manage day-to-day operations.

About Better Place
Better Place is the leading global provider of electric car networks that enables the mass market adoption of electric cars through an innovative battery switch model that makes driving electric cars more affordable, convenient and sustainable than today's petrol-based cars. Better Place owns and operates a network of battery switch stations and public/personal charge spots, along with the supply of batteries that power the cars, to provide drivers with instant range extension and the convenience to drive, switch and go across an entire region. Where possible, Better Place uses renewable sources of energy to deliver fully zero emissions driving. The World Economic Forum has named Better Place a "Global Growth Company Industry Shaper" for its innovative approach in advancing the global switch to electric cars. Check out WWW.BETTERPLACE.COM