Iveco Group’s Marx Is Selected As CNH’s New CEO

(CTN News) – Iveco’s Gerrit Marx has been appointed CEO of CNH, the holding company of the Agnelli family in Italy. Scott Wine, who previously led CNH’s farm and construction machinery division, has resigned from his CEO position.

On Sunday, the two companies announced that Marx would replace Wine on July 1. Iveco, based in Turin, has appointed board member Olof Persson as chief executive officer.

In addition to Iveco, CNH is also owned by Agnellis’ Exor. In terms of market capitalization, Iveco Group has a market capitalization of approximately 3.4 billion euros ($3.6 billion), which is less than one fourth that of CNH.

During Marx’s tenure as CEO, the Italian bus and truck manufacturer, he guided the company through its spin-off from CNH, which was finalized in 2022, as well as its first months as a stand-alone company.

The value of Iveco shares doubled between November and this month, and corrected slightly in April.

CNH shares, on the other hand, have lost more than 30% of their value since hitting highs last year. This is when it cut its revenue forecast and announced plans to reduce its workforce due to softening farm machinery demand.

CNH spokesperson said Wine is leaving the company to pursue other interests. The board accepted his request to leave at the end of the current three-year business plan cycle.

In the wake of Iveco’s spin-off,

CNH has increasingly focused its business on precision agriculture, including by acquiring Raven Industries in 2021.

CNH has announced that it will discontinue its New York and Milan double listings and instead focus on a U.S.-only listing structure.

Iveco’s updated business plan, aimed at increasing revenue by 20% by 2028, was presented by Marx last month.

Person, a 59-year-old Swede, has held executive positions in several manufacturing companies, including CEO position at Volvo Group, a competitor of Iveco.

His involvement in the development of the group’s recently presented business plan is well documented, according to a statement released by Iveco.

The company’s board has also decided to postpone its Investor Day scheduled for May 21 so Marx can lead the company’s next phase of development planning and objectives.

The value of $1 is equal to 0.9386 euros.

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