Just three days after Michael Jackson, Coda Automotive's senior vice president of global sales, marketing and distribution , resigned to start his own company, the company's CEO, Kevin Czinger, is also stepping down from his position. Czinger, who has pretty much been the public face of the Miles Electric Vehicles spin-off since he joined in 2008 – and a substantial shareholder – will adopt the role of senior strategic advisor.

While we could only speculate as to the reason for his departure from the Coda limelight, top executive's don't typically bow out at a critical time in a company's development because things are going swimmingly. Indeed, if we were to guess whether or not some vehicles would reach customers by the end of the year as had been planned, we would say, not. Last we heard the company hadn't yet closed a deal with Amports for final assembly in Benicia, CA.

The company, whose press release refers to the move as a management realignment, will tap board co-chairman and former Goldman Sachs executive Steven "Mac" Heller as interim CEO while current CFO Mark Jamieson will take the title of Chief Operating Officer. To check out the official aforementioned presser, as well as watch bonus video of Mr. Czinger in full sales pitch mode with earth2tech's Katie Fehrenbacher, hit the jump.

[Source: Coda Automotive]


PRESS RELEASE

CODA Realigns Management

SANTA MONICA, Calif., Nov. 5, 2010 /PRNewswire/ -- CODA Holdings, a leading developer of Lithium-ion advanced battery systems and all-electric vehicles, today announced the resignation by mutual consent of Kevin Czinger as Chief Executive Officer, the designation of Steven "Mac" Heller as Interim Chief Executive Officer, and the appointment of Mark Jamieson as Chief Operating Officer.

The Company noted that the realignment 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. Mr. Czinger will continue his relationship with the Company as Senior Strategic Advisor and as a substantial CODA shareholder.

Mr. Heller has served as Co-Chairman of CODA's Board and has established strong working relationships with the executives, employees and business partners of the Company throughout the United States, China and Europe. Previously, Mr. Heller served for 20 years at Goldman Sachs in key executive positions, including Worldwide Head of Mergers and Acquisitions and Co-Head of the Investment Banking Division.

Mr. Heller paid special tribute to Mr. Czinger for his unwavering efforts to make the Company what it is today. In 2008 Mr. Czinger joined the Company, which had been founded by Miles Rubin. Thereafter, Mr. Czinger himself created and founded the program to develop an entirely new powertrain and battery system for the all-electric CODA sedan. Mr. Heller continued, "Kevin's leadership role in developing and overseeing the CODA program was truly a remarkable achievement. Kevin and I have been friends for more than 20 years and I look forward to continuing our friendship and benefiting from his insight as our Senior Strategic Advisor."

Mr. Heller stated that "we are pleased at this time also to announce the appointment of CODA's Chief Financial Officer, Mark Jamieson, to the additional position of Chief Operating Officer." Mr. Jamieson joined CODA earlier in the year after a distinguished career as Chief Financial Officer of a number of industrial divisions of General Electric Company and most recently as CFO of Ryder Systems and HD Supply.

"I believe the depth of CODA's management team combined with the high caliber of its engineering talent will allow CODA to continue in its mission to accelerate the adoption of all-electric vehicles," commented Mr. Heller.

The Board has begun an active process to select its new Chief Executive Officer and has asked Daniel Weiss, managing partner of Angeleno Group, a large institutional investor in the Company and Director of the Company, to lead this effort. Mr. Weiss stated, "Mac Heller has the full confidence of the board and is perfectly suited to lead the CODA team in this interim period of transition from an entity that has been focused primarily on engineering and R&D to one that is engaged on a world-wide basis in the sale of advanced power battery systems and electric vehicles."

About CODA Holdings: Headquartered in Santa Monica, Calif., CODA Holdings is working to reduce dependence on oil and is leading the way to a cleaner future through multi-use advanced battery systems for its all electric car, other electric vehicle manufacturers and a range of all utility applications such as wind and water power storage. CODA is working in a smart, interdependent way with more than 30 leading global technology and manufacturing companies to quickly and efficiently bring electric power battery technology to market. Through its exclusive battery system joint venture with Lishen Power Battery, LIO Energy Systems, CODA is also a large-scale producer of power battery systems for transportation and utility applications. The CODA™ Sedan is a four-door, five-passenger sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.



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