CODA CEO steps down
06 November 2010
Kevin Czinger has resigned as CEO of CODA Holdings, the California-based electric vehicle and battery system company. Steven “Mac” Heller is assuming the role of Interim Chief Executive Officer while a search is launched for a new CEO, and Mark Jamieson has been appointed Chief Operating Officer.
CODA said that the management realignment was part of its ongoing plan, at this stage in its growth, to set in place a team with deep manufacturing, marketing and sales strengths. Czinger will continue his relationship with the Company as Senior Strategic Advisor and as a substantial CODA shareholder.
The Board has begun an active process to select its new Chief Executive Officer and has asked Daniel Weiss, managing partner of Angeleno Group, a large institutional investor in the Company and Director of the Company, to lead this effort.
Heller has served as Co-Chairman of CODA’s Board and has established strong working relationships with the executives, employees and business partners of the Company throughout the United States, China and Europe. Previously, Heller served for 20 years at Goldman Sachs in key executive positions, including Worldwide Head of Mergers and Acquisitions and Co-Head of the Investment Banking Division.
Czinger joined CODA, founded by Miles Rubin, in 2008. Thereafter, Czinger created and founded the program to develop an entirely new powertrain and battery system for the all-electric CODA sedan.
Well, yeah... A Goldman M&A guy probably doesn't know sh*te about running a Chinese car company. Big effin surprise.
Posted by: Reel$$ | 06 November 2010 at 11:04 AM
This is somewhat typical of startup companies and should not come as a surprise. I view CODA as well promoted to seem like a well funded company with lots of important supporters. They will need a lot more than spin to make it.
It is not clear that the buying public will buy cars in great numbers from non major car makers. Tesla has done a deal with Toyota and Fisker has still not delivered. The business plan may call for getting it going and merge with a major player. If that is the case, this may make some sense.
Posted by: SJC | 06 November 2010 at 12:04 PM