CNH Industrial Appoints Gerrit Marx as New CEO

By Tamara Parker • Monday, April 22 10:21 • Permanent Link

CNH Industrial N.V. has announced the appointment of Gerrit Marx as the new CEO, effective July 1, 2024. Marx will be succeeding Scott W. Wine, who has overseen the delivery of the 2021 business plan and has decided to leave the company to pursue other interests.

During Scott 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. Under Wine's leadership, the company achieved three straight years of record revenues and EBIT margins. Additionally, the company's agriculture segment improved, the construction segment underwent a turnaround, and CNH acquired Raven Industries, the precision agriculture technology business in 2021.

CNH's R&D expenditures more than doubled during Wine's tenure, and the company launched ambitious margin improvement and value enhancement initiatives. By May 2024, CNH will have returned over $3 billion to shareholders in the form of dividends and share buybacks.

With the incoming CEO, the company's investor day presentation scheduled for May 21, 2024, has been postponed to a later date. However, the first-quarter financial results will be presented as planned in a conference call on May 2, 2024, by the current CEO, Scott Wine.

CNH Industrial N.V. is a world-class equipment and services company, providing strategic direction, R&D capabilities, and investments that enable the success of its global and regional brands. The company's globally focused brands include Case IH and New Holland for agriculture applications, and Case and New Holland for construction equipment. CNH's regionally focused brands encompass Steyr, Raven, Hemisphere, Flexi-Coil, Miller, Kongskilde, and Eurocomach.

CNH, with over 40,000 employees, is known for its history of innovation and its focus on driving customer efficiency and success. As a result of these announcements, the company's shares have moved -5.8% on the market, and are now trading at a price of $11.6. For more information, read the company's full 8-K submission here.

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