CNH names new CEO

Marx rejoins CNH from Iveco Group where, as CEO, he 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.

Stepping in as Iveco CEO will be Olof Persson, who is currently an Iveco Group board independent director. Persson was CEO of Volvo Construction Equipment for several years from 2008., becoming CEO of Volvo Group in 2011.

Prior to first joining CNH in January 2019, Marx worked for 20 years in senior roles at McKinsey, Daimler Trucks, and Bain Capital, living in Brazil, China, Europe and Japan.

Iveco became a sperate company from CNH Industrial on January 1, 2022.

Scott Wine requested to leave the company at the end of the current three-year business plan cycle to pursue other interests. During the more than three years of Wine’s tenure as CEO, CNH became an agriculture and construction pure-play following the Iveco Group demerger and is now solely listed on the New York Stock Exchange.

CNH said that 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.

“We’re delighted to welcome Gerrit back to CNH as CEO,” said CNH’s Chair, Suzanne Heywood.

“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.”

With Marx’s appointment as the 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 Marx to lead the company’s planning and objectives for the next phase of its development. The company’s first quarter financial results will be presented as planned in a conference call on May 2, 2024 by Wine, who will continue as CEO until the end of June.