Mayor Garcetti announces that Los Angeles Cleantech Incubator CEO Fred Walti will step down

The LACI co-founder will continue to play an active role with the organization.

LOS ANGELES — Mayor Eric Garcetti announced today that Los Angeles Cleantech Incubator (LACI) CEO Fred Walti will step down after helping to found the organization in 2011, and serving as its leader for six years.

Walti will remain with the organization as a member of LACI’s Board of Directors, and as CEO of its Network for Global Innovation initiative.

“The Los Angeles Cleantech Incubator is doing outstanding work to create green jobs and put a foundation in place for the sustainable economy of our future — and Fred’s leadership has been critical to that success,” said Mayor Garcetti. “I’m grateful to Fred for his commitment to moving L.A. forward, and look forward to continuing our work with him at LACI.”

Walti co-founded LACI in 2011, and became its CEO after more than 16 years of successful entrepreneurship. Under his leadership, LACI has helped dozens of companies raise more than $82 million, create more than 1,200 jobs, and add more than $270 million in long-term economic value to the City.

Walti also played an instrumental role in moving the organization into the La Kretz Innovation Campus, a brand new, cutting-edge facility that gives companies unprecedented resources to innovate and grow their businesses.

“Helping to build LACI into the world’s premier cleantech incubator has been a labor of love and the proudest accomplishment in my business career,” Walti said. “And we’re just getting started. LACI and the City of Los Angeles have an unprecedented opportunity in the coming years to create a lasting green economy by replacing yesterday’s industrial base with tomorrow’ssustainable technology industry.”

“Fred has been the driving force behind the success of LACI. We are grateful for his past service and look forward to his continuing leadership as a member of our Board of Directors and as the principal executive in charge of our international initiatives," said Board Chair Richard Morganstern.

Walti will continue serving as CEO while the Board of Directors launches a search for his successor.