Wine leaves CEO post at CNH
CNH Industrial, maker of Case and New Holland ag equipment, accepted CEO Scott Wine’s request to leave the company at the end of the current three-year business plan cycle to pursue other interests. The company’s stock dropped more than 6% on April 22, the day of the announcement, and a day when the Dow Jones bounced back following a tough week prior. Before joining CNH, Wine was chairman and CEO of Polaris Industries.
To replace Wine, CNH appointed of Gerrit Marx to the role of CEO effective July 1, 2024. 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, 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 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, Wine 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, CNH 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 Marx’s appointment as the company’s new CEO taking effect on July 1, 2024, the Board decided to reschedule its Investor Day presentation to a later date to allow 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 Wine, who will continue as CNH’s CEO until the end of June.
