Richard Tobin is stepping down as CEO and as a director of CNH Industrial to pursue another executive opportunity.
Tobin’s departure will be effective April 27, 2018, following announcement of the company’s financial results for the fiscal quarter ending March 31, 2018, CNH says.
Derek Neilson will serve as interim CEO for the company, which manufactures the Case and New Holland brands of construction and agricultural equipment. He has nearly two decades of experience with CNH Industrial and most recently served as chief operating officer for Europe, Middle East and Africa, as well as president of the company’s Commercial Vehicles Products Segment. From 2012 to 2015 he served as the group’s chief manufacturing officer.
“Rich and I have worked together for over 20 years across various companies and industries and I wish him all the best in this next chapter of his career,” Sergio Marchionne, chairman of CNH Industrial, says of Tobin.
“One of the most important and lasting qualities of a leader is the development of the people you lead. Rich worked hard at building a strong team at CNH Industrial, including Derek Neilson, who will serve as interim CEO as the board undertakes a search for a new chief executive.
“Derek brings a breadth of experience across the company’s product and geographic profile and will provide a seamless transition as we finalize our decision for the CEO position through the board’s governance process.”
The Association of Equipment Manufacturers (AEM) has previously honored CNH Industrial with its “Pillar of the Industry” award.
2017 had marked the fifth year in a row that CNH Industrial was recognized for improving the business environment for equipment manufacturers in the United States the year before, in 2016, and for its participation in AEM’s “I Make America” grassroots program.
CNH Industrial in 2017 also received the special “Legacy Award” honoring its five consecutive years of achieving “Gold Status” in the “I Make America” program.