CNH Industrial, a leader in the agriculture and construction equipment sector, has announced the appointment of Gerrit Marx as its new Chief Executive Officer, effective July 1, 2024. Marx will succeed Scott Wine, who expressed his intention to step down from CNH after the current three-year business plan cycle to pursue other interests, a decision accepted by the Board.
Marx rejoins CNH from Iveco Group, where he served as CEO, leading the company’s transition into a new era of connectivity by integrating advanced digital and data technologies with Iveco’s product offerings. He also chaired Iveco’s powertrain business, overseeing its evolution towards alternative propulsion systems. With a background encompassing senior roles at McKinsey, Daimler Trucks, and Bain Capital, Marx brings extensive international experience spanning various regions, including Brazil, China, Europe, and Japan.
During Wine’s tenure spanning over three years, CNH underwent significant transformations, becoming a pure-play agriculture and construction entity following the demerger of Iveco Group, which is now solely listed on the New York Stock Exchange. Wine’s leadership was marked by three consecutive years of record revenues and EBIT margins. He spearheaded the improved performance of the Agriculture segment, the turnaround of the Construction segment, and the strategic acquisition of Raven Industries, a precision agriculture technology business. Additionally, CNH doubled its R&D expenditures, launched ambitious margin improvement initiatives, and returned over US$3 billion to shareholders through dividends and share buybacks by May 2024.
Suzanne Heywood, CNH’s Chair, expressed enthusiasm for Marx’s return as CEO, citing his demonstrated energy and focus during his tenure at Iveco. She extended gratitude to Wine for his leadership and significant contributions to CNH’s progress, wishing him success in his future endeavors.
With Marx set to assume the role of CEO on July 1, 2024, the Board has decided to postpone the Investor Day presentation scheduled for May 21, 2024, to allow Marx to lead the planning and objectives for the company’s next phase of development. Meanwhile, the first-quarter financial results will proceed as planned, presented in a conference call on May 2, 2024, by Wine, who will continue as CEO until the end of June.