Former Flextronics CEO Michael Marks takes over at Tesla Motors

August 12, 2007

Silicon Valley electric car manufacturer Tesla motors has replaced CEO Martin Eberhard with former electronics contract manufacturer Flextronics' chief Michael Marks. Marks, a Tesla investor, will serve as interim CEO as part of a planned transition.

Tesla was looking for someone who could help take the business to the next level. "Michael Marks definitely has those credentials with Flextronics. This is all part of growing the business and positioning us to be ready for even more success. Which is why Martin is still very much involved. If anything, it allows Martin to do what he does best, be a technology leader", says Tesla communications director David Vespremi.

Eberhard, a Tesla co-founder, will become the startup's president of technology as it prepares to roll out its roadster super car later this year.

Michael Marks joined private equity firm Kohlberg Kravis Roberts after stepping down as Flextronics CEO in 2005. Marks is expected to remain with KKR while he serves as interim CEO of Tesla.

At this point in time, more than 500 people - including California Governor Arnold Schwarzenegger; Google co-founders Sergey Brin and Larry Page, and inventor Dean Kamen have invested nearly $100,000 each for the zero-to-60 in four seconds roadster.

Source: Tesla Motors