California-based electric car startup Lucid Motors has nominated former Mercedes CFO Frank Lindenberg to its “board of directors.” According to a report in Manager Magazine, shareholders of a SPAC called Churchill Capital IV are expected to elect the 57-year-old to the board on July 22. SPAC stands for special purpose acquisition company. These are publicly traded shell companies with no business operations that acquire a startup within two years of its IPO – in this case Lucid Motors.The startup is expected to merge with SPAC Churchill Capital IV the day after the shareholder meeting. Shareholders are expected to sign off on that, too.
“Advocates of greater electrification”
The competence of the supervisory or non-executive directors is seen as an important criterion in convincing SPAC shareholders to approve the proposed transaction. Frank Lindenberg should therefore be conducive to the deal: he can point to 25 years of experience in the Daimler Group and, according to Manager Magazin, was considered “an advocate of greater electrification” there at an early stage. Andrew Liveris (67), head of the chemical company Dow until 2018, will act as chairman of Lucid – and thus as a kind of supervisory board head. Other independent board members include Turqi Alnowaiser from the Saudi sovereign wealth fund PIF.