Lucid Air Stock News 💰 Electronic Vehicle Michael Klien Saudi Arabia Public PIF SPAC ChurcHill CCIV

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Soothing the Nerves

Thiam may have personally been in charge of the pitch to the Saudis and will have hammered home the bank’s importance for the rich of this world. The Saudi shareholder of Credit Suisse, Olayan Group, may also have played its role. But the Swiss bank still isn’t one of the major lenders in the kingdom and only acquired a banking license in April 2019.

The question hence arises how much credit Klein deserves for the deal?

Klein, via the Swiss bank’s communications’ department, told finews.com that he had nothing to do with Credit Suisse being accepted as a co-lead manager. He had pulled out of any discussions on the Aramco IPO and had stepped aside when the ranking and selection of the Swiss bank was conducted. Furthermore, Klein had told the bank when he accepted a role on its board that he would never take an active investment banking role.

Privatization Galore

His expertise won’t have harmed the bank though. When it became clear in the autumn of 2019 that investors didn’t concur with the price tag the Saudi prince had attached to his asset, it again fell upon Klein to mediate. The «New York Times» reported that the experienced rainmaker had managed to soothe the nerves of upset Saudis and to get more time for the deal to be concluded.

The IPO will likely have been the precursor for others to follow in connection with «Vision 2030», the bid for a complete overhaul of the country’s economy. The state fund aims to have more than $2 trillion in assets within ten years and to invest the vast amount of money in securities worldwide. Credit Suisse at least has managed to put itself in good stead with the rulers with the role it played in the Aramco IPO.

Managing Director for Steve Jobs Widow

Klein’s experience covers another area of interest of the bank: philanthropy. Klein is an adviser to Laurene Powell Jobs, the widow of late Apple CEO Steve Jobs, according to U.S. television channel «CNBC». Powell Jobs’ investment company Emerson Collective, one of the most influential philanthropic investors in the U.S., has Klein listed as a managing director.

For Credit Suisse, which seeks to do business with rich philanthropists, the link to Powell Jobs for sure could be lucrative. But Klein – much as in the Aramco business – will probably stay clear of match-making. But, his expertise may nevertheless come in handy.

Andrew Liveris

Chairman of the Lucid Board of Directors

Andrew is the former Chairman and CEO of The Dow Chemical Company and the former Executive Chairman of DowDuPont. He has over forty years of global leadership experience with The Dow Chemical Company, and his career spans roles in manufactu

ring, engineering, sales, marketing, and management. He is a director of IBM, Saudi Aramco, Worley, and NOVONIX. He is also on the advisory board of Sumitomo Mitsui Banking Corporation and NEOM, an initiative driven by Saudi Vision 2030. He was appointed as a special advisor to the Public Investment Fund (PIF) and the Crown Prince of Saudi Arabia.

Andrew earned a bachelor’s degree (first-class honors) in chemical engineering from the University of Queensland and received an honorary doctorate in science from his alma mater in 2005.

Andrew was appointed Officer of the Order of Australia for his services to international business in 2014.