CNH Industrial’s board of directors has accepted CEO Scott Wine’s request to leave the ag and construction equipment manufacturer, effective July 1.
The date marks the end of the current three-year business plan cycle. Wine is leaving “to pursue other interests.” He joined CNH in January 2021.
Wine will be replaced by Gerrit Marx, who is rejoining CNH from Iveco Group, where he currently serves as CEO. Iveco was previously part of the CNH Industrial portfolio of brands, which includes Case Construction Equipment and New Holland. CNH announced the separation of its off-highway and on-highway segments in September 2019. The spin-off was finalized in June 2022.
Marx also chaired Iveco’s powertrain business overseeing its transition to alternative propulsion systems. Prior to first joining CNH in January 2019, Marx held senior roles at McKinsey, Daimler Trucks, and Bain Capital.
Under Wine’s leadership, CNH has seen three straight years of record revenues and EBIT margins, improved performance in the company’s agriculture segment, a turnaround in the construction segment, and acquisitions of precision technology companies Raven Industries and Hemisphere GNSS.
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 thank Scott Wine for his leadership and considerable contribution to CNH’s progress in these years and wish him well in his future endeavors.”
Due to the changes at the top, the Board has decided to postpone the Investor Day presentation scheduled for May 21, 2024. This will give Marx time to lead the company’s planning and objectives for the next phase of its development.
CNH’s first quarter financial results will be presented by Wine as planned in a conference call on May 2, 2024.
