Gerrit Marx to lead CNH Industrial as CEO

April 22, 2024 5:11 pm

CNH Industrial N.V. has named Gerrit Marx as CEO, effective July 1, 2024. Marx returns from Iveco Group, where he oversaw the company’s shift to digital and data technology. He has also served as chairman of Iveco’s powertrain division, overseeing the company’s transition to alternative propulsion technology.

CNH Industrial reports the appointment of Gerrit Marx as CEO. He replaces Scott Wine, whose desire to depart the company at the end of the current three-year business plan cycle to pursue other interests was approved by the Board.

Marx rejoins CNH from Iveco Group, where he served as CEO and spearheaded the company’s transition to a new era of connection by integrating cutting-edge digital and data technologies into Iveco’s product line. He has also served as chairman of Iveco’s powertrain unit, supervising the company’s shift to alternative propulsion technologies. Marx spent 20 years in top positions at McKinsey, Daimler Trucks, and Bain Capital before joining CNH in January 2019, residing 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 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 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 is a world-class equipment and services provider. Driven by its objective of Breaking New Ground, which focuses on Innovation, Sustainability, and Productivity, the Company provides strategic direction, R&D skills, and investments to ensure the success of its global and regional brands. Globally, Case IH and New Holland provide 360° agriculture applications, including machines, implements, and digital technologies that enhance them, while CASE and New Holland Construction Equipment provide a complete array of construction equipment that increase industry productivity. The Company’s geographically specialised brands include: STEYR, for agricultural tractors; Raven, a pioneer in digital agriculture, precision technology, and autonomous system development; Hemisphere is a major creator and developer of high-precision satellite-based positioning and heading technology. Flexi-Coil specialises in tillage and seeding systems; Miller manufactures application equipment; Kongskilde provides tillage, seeding, and hay and forage tools; and Eurocomach manufactures a broad range of small and midi excavators for the construction sector, including electric options.

CNH has been a pioneer in its industries for over two centuries and continues to develop and promote customer efficiency and success. As a truly global organisation, CNH’s 40,000+ employees work in a diverse and inclusive environment, helping customers to flourish and build a better world.