The performance of the stock markets disappoints and so does the holding company Exor(Dutch) safe of the Agnelli family, has decided for a turnaround at the top of the controlled companies (also Dutch) CNH Industrialspecialized in agricultural and construction machinery, whose shares are now listed only in New York, and Iveco Group, active in the production of trucks and commercial vehicles, listed on Piazza Affari. A decision taken to maximize the benefits of the controlling holding company as well.
Scott Wine leaves the scene
Gerritt Marxcurrent CEO of Iveco, will take on the role of CEO at CNH starting from July 1st. A decision – says a company note – dictated by the decision of the current CEO Scott Wine to pursue other activities.
A smooth exit from the scene and without scenes, therefore, even if it is rumored that the decision was supported by the parent company Exor, because the performance of the stock disappointed the majority shareholder: from the spin-off of Iveco at the beginning of 2022, when the stock was worth 14.3 euros, to the announced delisting at the beginning of 2024, when it was worth 12.3 euros, there has been a drop in two years of over 21%. More disappointing than that!
Wine is nevertheless recognized, in the three years of his mandate, for having launched “ambitious initiatives to improve margins and of increase in value”, as “by May 2024 it will have returned more than $3 billion to shareholders in the form of dividends and share buybacks”, and of having allowed the company to “reach for three consecutive years record revenues and EBIT marginswhile overseeing the improved performance of the Agriculture segment, the turnaround of the Construction segment and, in 2021, the acquisition of Raven Industries, the precision agriculture technologies business.”
Marx “moves” to CNH
For its part, Marx boasts numerous successes at CNH and Ivecoas he led “CNH's path towards a new era of connectivity, integrating the latest digital technologies and data with the Iveco product offering. He also presided over Iveco's powertrain sector, overseeing the transition to alternative propulsion systems“.
“We are pleased to welcome Gerrit to CNH as CEO. We look forward to him bringing the same energy and focus that he demonstrated so effectively when he led Iveco,” commented CNH President Suzanne Heywood.
A “professional” in the sector is at the helm of Iveco
And while Marx will return to direct CNH Industrial, facing a difficult economic situation, at Iveco he will be succeeded by Olof Persson in the role of CEO. The manager is a “professional” in the sector and, above all, was “closely involved in the development of the Group's plans presented at Iveco's latest Capital Market Day”.
“We are very fortunate that Olof, with his vast experience in the sector, will take over as CEO and provide a guarantee of continuity in the execution of the plans presented in March,” commented the President Suzanne Heywood regarding his appointment.
CNH Capital Market Day postponed
With the appointment of Marx as the new CEO, the CNH Board of Directors has decided that the presentation of theInvestor Day scheduled for May 21, 2024 will be postponed at a later date, while first quarter financial results will be presented as scheduled in a conference call on May 2, 2024 by Scott Wine, who will continue to serve as CEO of the Company through the end of June.
