21.04.2024 18:21:07 - dpa-AFX: GNW-Adhoc: CNH NAMES GERRIT MARX AS CEO: Mr. Marx returns to CNH from Iveco Group, succeeding Scott W. Wine who has decided to leave the Company having successfully overseen the delivery of the 2021 Business Plan
CNH NAMES GERRIT MARX AS CEO
Mr. Marx returns to CNH from Iveco Group, succeeding Scott W. Wine who has
decided to leave the Company having successfully overseen the delivery of the
2021 Business Plan
Basildon, April 21, 2024
CNH Industrial N.V. (NYSE:CNHI) announces the appointment of Gerrit Marx to the
role of CEO effective July 1, 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.
Mr. Marx rejoins 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, Mr. 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 Mr. Wine's tenure as CEO, CNH has become an
agriculture and construction pure-play following the Iveco Group demerger and is
now solely listed on the New York Stock Exchange. Among his achievements, Mr.
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 $3 billion to shareholders in the form of dividends and share
buybacks.
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."
With Mr. Marx's appointment as the Company's new CEO taking effect on July
1, 2024, the Board has decided that the Investor Day presentation scheduled for
May 21, 2024, will be postponed to a later date to allow Mr. 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 May 2, 2024 by Mr. Wine, who will continue as
the Company's CEO until the end of June.
CNH Industrial (NYSE: CNHI) is a world-class equipment and services company.
Driven by its purpose of Breaking New Ground, which centers on Innovation,
Sustainability and Productivity, the Company provides the strategic direction,
R&D capabilities, and investments that enable the success of its global and
regional Brands. Globally, Case IH and New Holland supply 360 agriculture
applications from machines to implements and the digital technologies that
enhance them; and CASE and New Holland Construction Equipment deliver a full
lineup of construction products that make the industry more productive. The
Company's regionally focused Brands include: STEYR, for agricultural tractors;
Raven, a leader in digital agriculture, precision technology and the development
of autonomous systems; Hemisphere, a leading designer and manufacturer of high-
precision satellite-based positioning, and heading technologies; Flexi-Coil,
specializing in tillage and seeding systems; Miller, manufacturing application
equipment; Kongskilde, providing tillage, seeding and hay & forage implements;
and Eurocomach, producing a wide range of mini and midi excavators for the
construction sector, including electric solutions.
Across a history spanning over two centuries, CNH has always been a pioneer in
its sectors and continues to passionately innovate and drive customer efficiency
and success. As a truly global company, CNH's 40,000+ employees form part of a
diverse and inclusive workplace, focused on empowering customers to grow, and
build, a better world.
For more information and the latest financial and sustainability reports visit:
cnh.com (http://www.cnh.com/)
For news from CNH and its Brands visit: media.cnh.com (https://media.cnh.com/)
Contacts:
Media Relations
Email: mediarelations@cnh.com (mailto:mediarelations@cnh.com)
Investor Relations
Email: investor.relations@cnh.com (mailto:investor.relations@cnh.com)
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incorrect, including any assumptions regarding strategic plans, the actual
results or developments may differ materially from any future results or
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risks and uncertainties that could cause actual results to differ materially
from those contemplated by the forward-looking statements include, among others:
economic conditions in each of our markets, including the significant
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disruptions, including industry capacity constraints, material availability, and
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affect consumer confidence and worldwide demand for capital goods and capital
goods-related products; changes in government policies regarding banking,
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goods-related issues such as agriculture, the environment, debt relief and
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government policies on international trade and investment, including sanctions,
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caused by the imposition of tariffs, sanctions, embargoes, and trade wars;
actions of competitors in the various industries in which we compete;
development and use of new technologies and technological difficulties; the
interpretation of, or adoption of new, compliance requirements with respect to
engine emissions, safety or other aspects of our products; labor relations;
interest rates and currency exchange rates; inflation and deflation; energy
prices; prices for agricultural commodities and material price increases;
housing starts and other construction activity; our ability to obtain financing
or to refinance existing debt; price pressure on new and used equipment; the
resolution of pending litigation and investigations on a wide range of topics,
including dealer and supplier litigation, intellectual property rights disputes,
product warranty and defective product claims, and emissions and/or fuel economy
regulatory and contractual issues; security breaches, cybersecurity attacks,
technology failures, and other disruptions to the information technology
infrastructure of CNH Industrial and its suppliers and dealers; security
breaches with respect to our products; our pension plans and other post-
employment obligations; political and civil unrest; volatility and deterioration
of capital and financial markets, including pandemics (such as the COVID-19
pandemic), terrorist attacks in Europe and elsewhere; the remediation of a
material weakness; our ability to realize the anticipated benefits from our
business initiatives as part of our strategic plan, including targeted
restructuring actions to optimize our cost structure and improve the efficiency
of our operations; our failure to realize, or a delay in realizing, all of the
anticipated benefits of our acquisitions, joint ventures, strategic alliances or
divestitures and other similar risks and uncertainties, and our success in
managing the risks involved in the foregoing.
Forward-looking statements are based upon assumptions relating to the factors
described in this press release, which are sometimes based upon estimates and
data received from third parties. Such estimates and data are often revised.
Actual results may differ materially from the forward-looking statements as a
result of a number of risks and uncertainties, many of which are outside CNH's
control. CNH expressly disclaims any intention or obligation to provide, update
or revise any forward-looking statements in this announcement to reflect any
change in expectations or any change in events, conditions or circumstances on
which these forward-looking statements are based. Further information concerning
CNH Industrial, including factors that potentially could materially affect CNHs
financial results, is included in CNH's reports and filings with the U.S.
Securities and Exchange Commission ("SEC").
All future written and oral forward-looking statements by CNH or persons acting
on the behalf of CNH are expressly qualified in their entirety by the cautionary
statements contained herein or referred to above.
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