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Cnh relies on Marx (Gerrit) to revive tractors

Exor Group company appoints new CEO to replace Scott Wine

Cnh Industrial announces the appointment of Gerrit Marx as ceo starting from 1 July 2024. The company will be a new company. 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.

Marx joins Cnh from the Iveco group where, as ceo, he led the company towards a new era of connectivity, integrating the latest digital and data technologies with the Iveco product offering. He also chaired Iveco’s powertrain business, overseeing the transition to alternative propulsion systems. Before 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 Scott Wine’s ceo’s mandate, Cnh became a pure-play in the agricultural and construction sector after the split of the Iveco group and is now listed exclusively on the New York Stock Exchange. Among its successes, Wine achieved three consecutive years of record revenues and ebit margins, "overseeing the company’s agricultural segment performance improvement, the transformation of the construction segment and the acquisition of Raven Industries, the precision agriculture technology company, in 2021", as the company statement underlines. In this period, continues the note, the company "has more than doubled expenditure on research and development, has launched ambitious initiatives to improve margins and increase value, and by may 2024 will have returned to shareholders more than 3 billion dollars in the form of dividends and share buybacks".

"We are pleased to welcome Gerrit back to Cnh as ceo -explains Suzanne Heywood, president of Cnh-. We hope that Marx will bring to his new role the same energy and concentration that he demonstrated so effectively at the helm of Iveco, at a time when Cnh is going through the current downward cycle of the final market, with an emphasis on inventory and cost management, margin expansion and exploitation of the full potential of the new technology stack. On behalf of the Board of Directors, I would like to thank Scott Wine for his leadership and remarkable contribution to CNH’s progress over the years and wish him all the best for his future commitments".

With the appointment of Marx as the new ceo of the company that will come into force on 1 July 2024, the board decided that the "The presentation of the Investor Day scheduled for 21 May 2024 will be postponed to a later date to allow Marx to guide the company’s planning and objectives for the next phase of its development". Meanwhile, the note concludes, "the Company’s first quarter financial results will be presented, as expected, in a conference call on may 2, 2024 by Wine, which will continue to serve as the company’s ceo until the end of June".

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EFA News - European Food Agency