Better Place in Israel

Shai Agassi resigns from Better Place board following resignation from CEO post

With Better Place reportedly pondering a massive layoff, Shai Agassi has now resigned from the company Board following his resignation last week as the CEO.

Less than two weeks ago Better Place announced the company founder, Shai Agassi, had stepped down as the CEO and would remain on the Board. News is now circulating that Agassi has since stepped down from the Board, and there are rumors of a layoff.

Haaretz, reporting on a news conference held by the new CEO Evan Thornley, formerly CEO of Better Place Australia, described what sounds like a company running low on cash and having difficulty raising a capital infusion from investors. Company management claims to be confident of raising capital from existing shareholders, but also notes the company failed in a bid to raise capital from institutional investors.

Due to the cash crunch, Better Place may undergo a large layoff of as much as half its workforce.

At the time of Agassi's resignation as CEO, the company positioned the move as the replacement of a founder entrepreneur with a seasoned hand who can see the company through to maturity. However, in retrospect it appears Better Place was trying to put a nice face on a serious situation.

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