CNH Industrial, a London-based equipment company, has announced the appointment of Gerrit Marx as its new CEO, effective July 1. He will replace Scott Wine, who has submitted his resignation to the company’s board and will leave at the end of June. Marx is returning to CNH from Iveco Group, where he served as group CEO in 2022 and previously held the position of president of commercial and specialty vehicles at CNH in 2019.
Suzanne Heywood, chair of both CNH and Iveco Group’s board, expressed her excitement about Marx taking on the role of CEO and bringing his energy and focus to the company during a challenging time. The transition is set to take place on July 1, leading to the postponement of the investor day, but the first-quarter financial results will still be presented on May 2 through a conference call. Following the announcement of Marx as the new CEO, CNH Industrial’s stock fell over 6% on April 22.
In recent years, CNH Industrial has been undergoing a tech-focused restructuring effort since November, aiming to streamline operations amidst challenges such as rising input costs, declining crop prices, and high interest rates. Despite these challenges, under Scott Wine’s leadership, CNH Industrial achieved three consecutive years of record profitability. Highlights under his leadership include the revitalization of the construction segment, the acquisition of Raven Industries in 2021, and returning over $3 billion to shareholders in dividends and share buybacks by May.
The appointment of Marx marks a new chapter for CNH Industrial as it continues its efforts to adapt to changing market conditions and maintain its position as a leader in global industrial vehicle manufacturing.