JERUSALEM (Reuters) -- Electric car technology provider Better Place said it has replaced chief executive officer Shai Agassi with the CEO of its Australia unit, five years after Agassi founded the company.
Evan Thornley, CEO of Better Place Australia, will succeed Agassi, who will remain a board member, the company said in a statement on Tuesday.
Israeli financial media said Agassi was "ousted" because Better Place has lost nearly $500 million since it was founded. In the first half of 2012, Better Place saw its loss widen to $132 million from $74 million a year earlier.
Better Place Chairman Idan Ofer said in the statement: "It is almost five years to the day since Shai launched Better Place and a natural point in the company's evolution to realign for its second chapter."