CNH APPOINTS GERRIT MARX AS CEO: Mr. Marx returns to CNH from the Iveco Group and succeeds Scott W. Wine, who has decided to leave the company after successfully overseeing the execution of the 2021 business plan

CNH Industrial is a world-class equipment and services company.  (Image courtesy of CNH Industrial NV)

CNH Industrial is a world-class equipment and services company. (Image courtesy of CNH Industrial NV)

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Mr. Marx returns to CNH from Iveco Group and succeeds Scott W. Wine, who has decided to leave the company after successfully overseeing the execution of the 2021 business plan

Basildon, April 21 (Korea Bizwire) — CNH Industrial NV (NYSE:CNHI) announces the appointment of Gerrit Marx to the role of CEO effective July 1, 2024. He succeeds Scott Wine, whose request to leave the company at the end of the current three-year business plan cycle pursuit of interests has been accepted by the board.

Mr. Marx returns to CNH from the Iveco Group, where as CEO he led the company’s quest for a new era of connectivity, integrating the latest digital and data technologies with Iveco’s product offering. He has also led Iveco’s powertrain division and overseen the transition to alternative propulsion systems. Before first joining CNH in January 2019, Mr. Marx spent 20 years in senior positions at McKinsey, Daimler Trucks and Bain Capital, where he lived in Brazil, China, Europe and Japan.

During Mr. Wine’s more than three years as CEO, CNH became a purely agricultural and construction company following the demerger of the Iveco Group and is now listed exclusively on the New York Stock Exchange. Among his achievements, Mr. Wine has delivered three consecutive years of record revenues and EBIT margins while overseeing the improved performance of the company’s agricultural segment, the turnaround in the construction segment and the 2021 acquisition of Raven Industries, the technology arm for precision agriculture. During this period, the company has more than doubled its R&D spend, launched ambitious margin and value improvement initiatives, and by May 2024, it will have returned more than $3 billion to shareholders in the form of dividends and share buybacks.

Suzanne Heywood, Chairman of CNH, said: “We are delighted to welcome Gerrit back to CNH as CEO. We look forward to him bringing the same energy and focus that he has shown so effectively in leading Iveco to his new role at a time when CNH is navigating the current end-market downcycle, with a focus on managing inventory and costs, increasing margins and unlocking the full potential of the newly established tech 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 over these years, and I wish him every success in his future endeavors.”

With Mr. Marx’s appointment as the company’s new CEO effective July 1, 2024, the Board of Directors has decided that the Investor Day presentation scheduled for May 21, 2024 will be postponed to a later date to allow can take charge of the company. planning and objectives for the next phase of its development. In the meantime, the company’s first quarter financial results will be presented as scheduled during a conference call on May 2, 2024 by Mr. Wine, who will remain CEO of the company until the end of June.

CNH Industrial (NYSE: CNHI) is a world-class equipment and services company. Driven by its Breaking New Ground purpose, which focuses on innovation, sustainability and productivity, the company provides the strategic direction, R&D capabilities and investments that enable the success of its global and regional brands. Worldwide, Case IH And New Holland Delivering 360° agricultural applications, from machines to implements and the digital technologies that enhance them; And CASE And New Holland construction equipment providing a full range of construction products that make the industry more productive. The company’s regionally focused brands include: STEYRfor agricultural tractors; Ravena leader in digital agriculture, precision technology and the development of autonomous systems; Hemispherea leading designer and manufacturer of high-precision satellite-based positioning and heading technologies; Flexi coilspecialized in soil preparation and seeding systems; Millerproduction application equipment; Kongskilde, supplying soil tillage, sowing, haying and feeding equipment; And Eurocomach, producing a wide range of mini and midi excavators for the construction sector, including electrical solutions.

Throughout a history spanning more than two centuries, CNH has always been a pioneer in its industries and continues to passionately innovate and drive efficiency and customer success. As a truly global company, CNH’s more than 40,000 employees are part of a diverse and inclusive workplace focused on empowering customers to grow and build a better world.

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Forward-looking statements are based on assumptions regarding the factors described in this press release, which are sometimes based on estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from forward-looking statements due to a number of risks and uncertainties, many of which are beyond CNH’s control. CNH expressly disclaims any intention or obligation to release, update or revise any forward-looking statements contained in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which such forward-looking statements are based. Additional information about CNH Industrial, including factors that could materially affect CNH’s financial results, is included in CNH’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”).

All future written and oral forward-looking statements made by CNH or persons acting on behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

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Source: CNH Industrial NV via GLOBE NEWSWIRE

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