CNH appoints Gerrit Marks as CEO
Mr. Marx returns to CNH from Iveco Group, replacing Mr. Scott W. Wein, who has decided to leave the company after successfully overseeing the implementation of the 2021 business plan.
Basildon, 21 April 2024
CNH Industrial NV (NYSE:CNHI) announced that Gerrit Marx has been appointed CEO, effective July 1, 2024. He replaces Scott Wine, who requested to leave the company at the end of his current three-year business planning cycle. Other concerns were approved by the Board.
Mr. Marx returns to CNH from Iveco Group and as CEO led the company into a new era of connectivity, integrating the latest digital and data technologies with Iveco's products. He also serves as chairman of Iveco's powertrain business, overseeing the company's transition to alternative propulsion systems. Before first joining CNH in January 2019, Mr. Marx spent 20 years in senior roles at McKinsey, Daimler Trucks, and Bain Capital, and lived in Brazil, China, Europe, and Japan.
During Mr. Wine's more than three years as CEO, CNH became a pure agriculture and construction business following the spin-off of Iveco Group, and is now independently listed on the New York Stock Exchange. Among his accomplishments, Mr. Wine has delivered three consecutive years of record revenues while overseeing improved performance in the company's agriculture division, a turnaround in its construction division, and the 2021 acquisition of Raven Industries, a precision agriculture technology business. and EBIT margin. During this period, the company more than doubled its research and development spending and launched an ambitious margin and value enhancement initiative, delivering over $3 billion to shareholders in the form of dividends and share buybacks by May 2024. We plan to refund the amount.
Suzanne Heywood, Chair of CNH, commented: We learned that while he was leading Iveco, CNH was trying to navigate the current end-market downcycle with a focus on inventory and cost management, margin expansion, and profit growth. I look forward to bringing the same energy and focus that I have demonstrated so effectively to my new role. Maximize the potential of your newly established technology stack. On behalf of the Board of Directors, I would also like to thank Scott Wine for his leadership and significant contributions to CNH's progress in recent years, and wish him well in his future endeavors. ”
Mr. Marx's appointment as the Company's new CEO will be effective on July 1, 2024, and the Board of Directors has agreed to the appointment scheduled for May 21, 2024 to allow Mr. Marx to lead the Company's management team. We have decided to postpone the presentation to investors until a later date. Plans and goals for the next stage of development. In the meantime, the Company's first quarter financial results are expected to be announced by Mr. Wein on his May 2, 2024 conference call as scheduled. Mr. Wine will continue as CEO until the end of June.
CNH Industrial (NYSE: CNHI) is a world-class equipment and services company. Driven by our purpose of 'breaking new ground' around innovation, sustainability and productivity, we provide the strategic direction, R&D capabilities and investment that enable global and regional brands to succeed. Masu. Worldwide, case induction and new holland We offer 360-degree agricultural applications, from machines to implements, and the digital technologies that power them.and case and new holland construction equipment We offer a full line of construction products that increase industry productivity. Our regionally focused brands include: Steyrfor agricultural tractors. Crowa leader in digital agriculture, precision technology, and autonomous systems development. hemispherea leading designer and manufacturer of high-precision satellite-based positioning and orientation technology. flexi coilspecializes in tillage and seeding systems. mirrormanufacturing of applied equipment. kongskilde, provides equipment for tillage, sowing, haying and forage.and eurocomack, We produce a wide range of products Mini and midi excavators for the construction sector, including electrical solutions.
Throughout its more than two-century history, CNH has always been a pioneer in its field, passionately innovating and continuing to drive efficiency and success for its customers. As a truly global company, CNH's more than 40,000 employees form part of a diverse and inclusive workplace, focused on helping customers grow and build a better world. I'm leaving it there.
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