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
For news from CNH and its Brands visit:
media.cnh.com
Contacts:
Media RelationsEmail:
mediarelations@cnh.com Investor
RelationsEmail: investor.relations@cnh.com
Forward-looking statements
All statements other than statements of
historical fact contained in this press release, including
competitive strengths; business strategy; future financial position
or operating results; budgets; projections with respect to revenue,
income, earnings (or loss) per share, capital expenditures,
dividends, liquidity, capital structure or other financial items;
costs; and plans and objectives of management regarding operations
and products, are forward-looking statements. Forward looking
statements also include statements regarding the future performance
of CNH Industrial and its subsidiaries on a standalone basis. These
statements may include terminology such as “may”, “will”, “expect”,
“could”, “should”, “intend”, “estimate”, “anticipate”, “believe”,
“outlook”, “continue”, “remain”, “on track”, “design”, “target”,
“objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”,
or similar terminology. Forward-looking statements are not
guarantees of future performance. Rather, they are based on current
views and assumptions and involve known and unknown risks,
uncertainties and other factors, many of which are outside our
control and are difficult to predict. If any of these risks and
uncertainties materialize (or they occur with a degree of severity
that the Company is unable to predict) or other assumptions
underlying any of the forward-looking statements prove to be
incorrect, including any assumptions regarding strategic plans, the
actual results or developments may differ materially from any
future results or developments expressed or implied by the
forward-looking statements. Factors, 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 uncertainty caused by geopolitical events; production
and supply chain disruptions, including industry capacity
constraints, material availability, and global logistics delays and
constraints; the many interrelated factors that affect consumer
confidence and worldwide demand for capital goods and capital
goods-related products; changes in government policies regarding
banking, monetary and fiscal policy; legislation, particularly
pertaining to capital goods-related issues such as agriculture, the
environment, debt relief and subsidy program policies, trade and
commerce and infrastructure development; government policies on
international trade and investment, including sanctions, import
quotas, capital controls and tariffs; volatility in international
trade 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.
- 20240421_PR_CNH_CEO_Appointment
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