CNH Industrial N.V. announces the appointment of Gerrit Marx as CEO, effective July 1, 2024. He succeeds Scott Wine, who requested to leave the company at the end of the current three-year business plan cycle. The Board has accepted his request.
Gerrit Marx is returning to CNH from Iveco Group, where he served as CEO and led significant shifts toward digital and connectivity-focused initiatives. He has played a key role in developing advanced powertrain solutions and guiding the transition toward alternative propulsion systems.
Before Iveco, Marx worked at McKinsey, Daimler Trucks, and Bain Capital, gaining experience in the automotive and transportation industries. More than three years into Mr. Wine’s tenure as CEO, CNH has transitioned into an agriculture and construction pure-play post-Iveco Group demerger. This transition followed the company's spin-off, and CNH is now solely listed on the New York Stock Exchange.
However, Mr Wine has seen his early achievements—record revenues for three straight years and record EBIT margins, improved performance for CNH’s Agriculture segment, and the turnaround of the Construction segment. These accomplishments have been overshadowed by the recent acquisition of the precision agriculture technology business Raven Industries in 2021.
During this period, the company doubled its R&D expenditures and launched strong margin improvement and enhanced value due to Mr. Marx becoming the new CEO on July 1, 2024. The Board has chosen to delay the Investor Day presentation, originally set for May 21, 2024, so that Mr. Marx can focus on guiding the company's future goals and strategies for the upcoming phase of its growth initiatives. Meanwhile, the company will proceed with presenting its first-quarter financial results as scheduled in a conference call on May 2, 2024, led by Mr. Wine, who will remain the CEO until the end of June.
By May 2024, it will have returned more than $3 billion to shareholders in the form of dividends and share buybacks. Suzanne Heywood, CNH’s Chair, said, “We’re delighted to welcome Gerrit back to CNH as CEO. And to have him bring the same energy and focus he has demonstrated in leading Iveco so effectively to CNH in this critical period. As we navigate the current end-market, downcycle by managing inventory and costs, expanding and optimizing margins. And generally harnessing the full potential of the newly established tech stack."
He further added, “I want to thank Scott Wine, the outgoing CEO, for his leadership and important role in CNH's advancement over the past two years. I wish him the best in his future endeavors on behalf of the Board."
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