Tesla’s Elon Musk to stay CEO of company through Model S launch

Elon Musk

While we had no idea the Tesla Motors CEO Elon Musk eventually has dreams of stepping down form the company’s top job, Musk reminded everyone yesterday that he will remain Chief Executive Officer of Tesla at least thorough 2011 when the Model S electric-sedan is launched.

Musk said that staying on as Tesla’s CEO was a requirement for securing a the company’s recent 10 percent investment from Daimler AG. Damiler’s 10 percent stake strengthens the relationship of the two companies as they work on integrating Tesla”s lithium-ion battery packs into 1,000 units of the electric Smart ForTwo.

“I didn’t really have a choice. This was a requirement of Daimler that I remain CEO of Tesla through the Model S launch and then continue to be part of Tesla in a chairman role beyond that,” Musk said in an interview with Reuters. “It’s flattering, but at the same time it’s golden handcuffs,” he added.

Tesla Motors recently received $465 million in low-interest loans from the U.S. Department of Energy and will use $365 million for the production and assembly for the Model S sedan.

– By: Omar Rana

Source: Reuters