Kevin Czinger has unexpectedly resigned as chief executive of Coda Automotive, a high profile Santa Monica electric car company that hopes to start selling its first vehicle in the domestic market by the end of the year.
Czinger, a former venture capitalist and investment banker who joined the company in 2008, left after reaching “mutual consent” with parent Coda Holdings, the company announced.
Co-Chairman Steven “Mac” Heller will serve as chief executive while a search is conducted for a permanent replacement. In addition, Chief Financial Officer Mark Jamieson, who came on board in August, will add the role of chief operating officer.
Coda said that the change was a “realignment” that “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.” The company on Nov. 2 announced that Michael Jackson, senior vice president of global sales, also had resigned.
“Kevin’s leadership role in developing and overseeing the CODA program was truly a remarkable achievement,” Heller said in a statement. “Kevin and I have been friends for more than 20 years, and I look forward to continuing our friendship and benefiting from his insight.”
Czinger, who has been Coda’s public face for the past two years as it gears up to start selling cars, will continue as a senior strategic advisor.
The management change comes as the company seeks to bring its Coda sedan to market amid competition from Nissan and other car makers building electric vehicles.
Coda has said its sedan is aimed at commuters and will go 90 to 120 miles on a single charge. The car is expected to sell for about $45,000, but buyers would be eligible for $7,500 federal tax credit and state incentives.
Coda is a sister company of Miles Electric Vehicles Inc., a Santa Monica importer of electric fleet vehicles from China. Electric vehicle entrepreneur Miles Rubin is chairman of both the Coda holding company of both Coda and Miles Electric.
Coda is partnering with Chinese companies to make the chassis and lithium ion battery in China. Final assembly will take place in the city of Benicia near the Oakland port. The choice of the Bay Area city was a blow to Los Angeles officials, who hoped final assembly would take place here. However, L.A. officials have said they are still in negotiations with the company over the site of a permanent plant.
•CLICK HERE to read a recent Los Angeles Business Journal interview with Kevin Czinger
