Credit Suisse hires Ford's Heyer to lead auto tech banking

[NEW YORK] Credit Suisse Group AG has hired Joe Heyer from Ford Motor Co to oversee investment banking in the automotive technology sector.

Mr Heyer's coverage area will include autonomous vehicles, components and software, the bank said Monday in a memo that was confirmed by a spokesman. He will report to David Wah, the global head of technology, and will also partner with the global industrials group, according to the memo.

The newly created role at the bank reflects how technology has been upending almost every corner of the auto industry. Electric-car makers led by Tesla Inc. are taking market share from traditional players, while newly public ride-hailing companies Uber Technologies Inc. and Lyft Inc. are changing how people get around in cities.

These industry shifts have led to deals such as chipmaker Intel Corp. agreeing to buy automotive sensor company Mobileye NV for US$15.3 billion in 2017 and Amazon.com Inc. leading a US$700 million funding round in electric-pickup maker Rivian Automotive LLC this year. Ford also invested US$500 million in the company.

"The rapid advances in transportation made possible by innovation across hardware and software have implications for a wide array of industrial and consumer markets," Mr Wah said in the memo.

Ford, Guggenheim

Mr Heyer was previously an executive director and head of business development at Ford. He had been at the automaker since 2015. Before that, he was a managing director at Guggenheim Partners.

He is set to start at Credit Suisse in New York next month as a managing director.

"He has done some great work for Ford," said T R Reid, a spokesman for the automaker. "We wish him nothing but the best at Credit Suisse."

Mr Heyer and a representative for Credit Suisse declined to comment.

Credit Suisse was one of the lead underwriters of Lyft's initial public offering in March. The Swiss bank ranks fourth in league tables for global technology deals, according to data compiled by Bloomberg.

BLOOMBERG