The automotive world is a cutthroat business with manufacturers all looking to lure the best in engineers and other talent to their brands. Usually its the engineers being lured away by the competition; Rivian has been attracting engineering talent away from multiple automakers including Ford. Credit Suisse Group AG has announced that it has lured away Joe Heyer, formerly Ford executive director and head of business development.
Joe Heyer had been with Ford since 2015, and before that, he was a managing director at Guggenheim Partners. Heyer is stepping into a newly created role with Credit Suisse that reflects how tech is upending much of the automotive market. Major coverage areas for Joe Heyer will include autonomous vehicles, components, and software according to the bank.
Heyer will report directly to David Wah, the global head of technology and will partner with the global industrials group. Heyer will take on a role as a managing director at Credit Suisse in New York starting next month. Ford appears to have no hard feelings against Heyer. Ford spokesman T.R. Reid said “he has done some great work for Ford” adding that the automaker wishes him the best.
Credit Suisse is looking to add expertise when it comes to automotive technologies. Automotive companies are climbing into bed with tech firms all the time, and tech firms are buying companies with their fingers in the automotive sector. Examples include Amazon’s massive investment into Rivian to the tune of $700 million. Ford has also invested $500 million into Rivian. Another tech and automotive tie-up was the Intel purchase of Mobileye NV in 2017 for $15.3 billion. No statements have been issued by Credit Suisse or Heyer at the time of writing.
Source: Yahoo! Finance