Mr. Marx returns to CNH
from Iveco Group, succeeding Scott W. Wine who has decided to leave the Company
having successfully overseen the delivery of the 2021 Business Plan
CNH Industrial N.V. 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 to pursue other interests, has been
accepted by the Board.
Mr. Marx rejoins CNH from
Iveco Group where as CEO he has led that company’s drive into a new era of
connectivity, integrating the latest digital and data technologies with Iveco’s
product offering. He has also chaired Iveco’s powertrain business overseeing
its transition to alternative propulsion systems. Prior to first joining CNH in
January 2019, Mr. Marx worked for 20 years in senior roles at McKinsey, Daimler
Trucks, and Bain Capital, living in Brazil, China, Europe and Japan.
During the more than three
years of Mr. Wine’s tenure as CEO, CNH has become an agriculture and
construction pure-play following the Iveco Group demerger and is now solely
listed on the New York Stock Exchange. Among his achievements, Mr. Wine has
delivered three straight years of record revenues and EBIT margins while
overseeing the improved performance of the Company’s Agriculture segment, the
turnaround of the Construction segment, and the 2021 acquisition of Raven
Industries, the precision agriculture technology business. In this period the
Company has more than doubled its R&D expenditures, launched ambitious margin
improvement and value enhancement initiatives, and by May 2024 will have
returned more than $3 billion to shareholders in the form of dividends and
share buybacks.
CNH’s Chair, Suzanne
Heywood commented: “We’re delighted to welcome Gerrit back to CNH as CEO. We
look forward to him bringing the same energy and focus he has demonstrated so
effectively when leading Iveco, to his new role at a time when CNH is
navigating the current end-market downcycle with an emphasis on managing
inventory and costs, expanding margins, and harnessing the full potential of
the newly established tech stack. On behalf of the Board, I would also like to CNH
Industrial N.V. Cranes Farm Road Basildon, Essex, SS14 3AD United Kingdom thank
Scott Wine for his leadership and considerable contribution to CNH’s progress
in these years and wish him well in his future endeavors.”
With Mr. Marx’s appointment
as the Company’s new CEO taking effect on July 1, 2024, the Board has decided
that the Investor Day presentation scheduled for May 21, 2024, will be
postponed to a later date to allow Mr. Marx to lead the Company’s planning and
objectives for the next phase of its development. In the meantime, the
Company’s first quarter financial results will be presented as planned in a
conference call on May 2, 2024 by Mr. Wine, who will continue as the Company’s
CEO until the end of June.
