CNH Industrial has a new CEO. Gerrit Marx will replace current CEO Scott Wein, who has submitted his resignation to the board of directors. Wine will leave the London-based equipment company at the end of June after more than three years “to pursue other interests,” according to a statement released Sunday.
Mr. Marx returned to CNH from Iveco Group and was appointed Group CEO in 2022. Previously he joined CNH in 2019 as President of Commercial Vehicles and Specialty Vehicles.
Suzanne Heywood, Chairman of the Board of Directors of CNH and Iveco Group, said in a statement: “We are delighted that Mr. Gerrit is returning to CNH as CEO.” “We believe he was very effective when he led Iveco at a time when CNH was focused on inventory and cost management, margin expansion, and trying to navigate the current end market downcycle. I look forward to bringing the same energy and focus I brought to my new role and leveraging the full potential of our newly established technology stack.”
This transition is scheduled to take effect on July 1st. As a result, the CNH Board of Directors has postponed the investor day. The company's first quarter results are scheduled to be announced on a conference call on May 2nd as scheduled. CNH Industrial's stock price fell more than 6% on Monday, April 22, following this news.
Iveco Group and CNH Industrial, which were once under the same umbrella, will be listed on separate New York Stock Exchanges in 2022, separating their holdings in the on-road and off-road industrial vehicle businesses, according to a statement.
CNH Industrial announced its current technology-focused restructuring plan in November and has since taken steps to streamline its operations. Machinery brands are facing downward pressure from rising input costs, falling crop prices and high interest rates.
CEO Retirement: Current CEO Scott Wine will retire from CNH Industrial at the end of this economic cycle. (CNH Industries)
During Wine's tenure as CEO, CNH posted three consecutive years of record profits. Highlights of CNH Industrial's tenure include revitalizing its construction sector, acquiring Raven Industries in 2021 and returning more than $3 billion to shareholders in the form of dividends and stock buybacks through May, according to a statement. He plans to do so.
