Better Place CEO Agassi replaced

JERUSALEM -- Israeli electric car company Better Place is replacing its founder and chief executive, Shai Agassi.

The circumstances surrounding his departure were not immediately clear. In a statement Tuesday, the company said it had achieved its goals under Agassi and had reached a "natural point in the company's evolution to realign."

The chief executive of Better Place's Australian business, Even Thornley, will take over. Agassi, a former top executive at German software maker SAP, will remain on Better Place's board.

Better Place says it aims to wean the world off fossil fuel via a network of charging stations and infrastructure to power electric cars. But the company has suffered deep losses, caused in part by a slow rollout of its network and skepticism over a mass adoption of electric cars.