[Posted on April 10, 2008 - 2:02 PM]
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Miles Electric Vehicles named Kevin Czinger, who is both a seasoned executive and an experienced investor, as president and CEO Thursday. Czinger's background includes serving as a senior executive with Goldman, Sachs & Co., Bertelsmann AG, the Webvan Group and Global Signal. He has also been active at Benchmark Capital and as a senior managing director of Fortress Private Equity Funds."As our company has grown, we have recognized the need to broaden our management
capacity, and I am delighted that Mr. Czinger has agreed to join our team," says founder and chairman Miles Rubin (pictured) in a statement.
Previous CEO Jeff Boyd is moving into the COO spot, where he will focus on day-to-day operations and leave business development and funding to Czinger, explains a spokesperson.
In February, the electric car maker received its first institutional investment, a $15 million round led by the Angeleno Group, a private equity firm focused on the energy sector. But that pales in comparison to the $140 million Tesla Motors Corp. has raised from VCs and private investors. While Tesla has focused on developing a high-speed $100,000 Roadster, which has been delayed several times due to transmission troubles, Miles has focused on low-speed electric cars made in China. Miles recently began developing a high-speed sedan, the Miles XS500, powered by lithium-ion batteries.
With his background in venture capital and private equity, Czinger's arrival may indicate upcoming funding for Miles. - Mary Kathleen Flynn
See Feb. 22 post on Miles Electric Vehicles from Tech Confidential
See Dec. 28 post on Tesla Motors Corp. from Tech Confidential
