SolarCity founder Lyndon Rive is leaving Tesla in June

Lyndon Rive, the former chief executive officer of SolarCity and first cousin of Tesla Inc. "My skill set and what I love doing is starting and running companies", Rive said in an interview. CEO Elon Musk, the largest individual shareholder of Tesla, proposing that it buys SolarCity, where he served as chairman and also the largest shareholder.

Apparently, Rive is leaving Tesla to start another company next year and spend more time with his family.

"I can hand off the baton to somebody else and give myself the opportunity to do something else that could also have another impact", he said.

The founder of solar panel provider SolarCity is stepping down from his role with electric automaker Tesla later this year.

Over the next decade, SolarCity expanded rapidly with innovative no-money-down financing schemes and a vast sales and installation operation.

Under Tesla, SolarCity has slowed installations and focused on the most profitable projects that generate cash upfront.


Analysts have argued for several months that last year's Tesla-SolarCity merger is hurting the Silicon Valley auto maker's valuation on the market.

Under the direction of Tesla CEO Elon Musk, the Silicon Valley-based electric carmaker and energy company has capitalized on SolarCity's supply chain and sales force to create a vertically integrated sustainable energy company, from energy generation to storage to transportation.

This is where Tesla's acquisition of SolarCity can make a huge difference.

Tesla told reporters that Cal Lankton, the company's vice president of global infrastructure operations, will take over for Rive.

Like his cousin, Rive grew up in South Africa with an ambitious, entrepreneurial mother and an early desire to start companies.

The announcement of Rive's departure comes just days after Tesla began taking orders for its new solar product - solar shingles that will replace the boxy panels that attach to roofs. We'll just repeat our question from almost a year ago when we discussed the Tesla-Solarcity merger, and concluded that "we wonder if 22nd Century investors will be warned of "Musk Schemes"?"

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