Gerrit Marx has been appointed as CEO of CNH Industrial N.V., effective July 1, 2024. He will succeed Scott Wine, whose request to leave the company at the end of its current three-year business plan cycle to pursue other interests has been accepted by the Board.
Marx previously served with CNH in January 2019, and prior to that held senior roles at McKinsey, Daimler Trucks, and Bain Capitol. He rejoins the company from Iveco Group, where as CEO he led a drive into a new era of connectivity, integrating the latest digital and data technologies with Iveco's product offering. He also chaired Iveco's powertrain business, overseeing its transition to alternative propulsion systems.
"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 endeavours," said CNH Chair Suzanne Heywood.
During Wine's tenure as CEO through the past three-plus years, 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 Wine's achievements are 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. During the same 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.
