CNH Industrial N.V. has appointed Gerrit Marx to the role of CEO effective 1 July 2024. He succeeds Scott Wine, whose request to leave the Company at the end of the current three-year business plan cycle to pursue other interests, has been accepted by the Board.
Gerrit Marx in fact re-joins CNH from Iveco Group where as CEO he has 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. Prior to first joining CNH in January 2019, Gerrit Marx worked for 20 years in senior roles at McKinsey, Daimler Trucks, and Bain Capital, living in Brazil, China, Europe and Japan.
During the more than three years of Scott Wine’s tenure as CEO, CNH has become an agriculture and construction entity following the Iveco Group demerger and is now solely listed on the New York Stock Exchange. Among his achievements, Scott 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.
In this period the Company has more than doubled its R&D expenditures, launched ambitious margin improvement and value enhancement initiatives, and by May 2024 will have returned more than US$3 billion to shareholders in the form of dividends and share buybacks.
CNH’s Chair, Suzanne Heywood commented: “We’re delighted to welcome Gerrit Marx 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.”
With Gerrit Marx’s appointment as the Company CEO taking effect on 1 July 2024, the Board has decided that the Investor Day presentation scheduled for 21 May 2024, will be postponed to a later date to allow Gerrit Marx to lead the Company’s planning and objectives for the next phase of its development.
In the meantime, the Company’s first quarter financial results will be presented as planned in a conference call on 2 May 2024 by Scott Wine, who will continue as the Company’s CEO until the end of June.
