Farm Progress

CNH Industrial appoints new business leader

Gerrit Marx will replace incumbent CEO Scott Wine this summer.

Andy Castillo

April 22, 2024

2 Min Read
Gerrit Marx will take over the helm of CNH Industria
NEW CEO: Gerrit Marx will take over the helm of CNH Industrial later this year. Nikola Corp.

CNH Industrial has a new CEO. Gerrit Marx will succeed incumbent CEO Scott Wine, who has submitted his resignation to the company’s board. Wine will depart at the end of June after more than three years leading the London-based equipment company “to pursue other interests,” according to a statement released Sunday.

Marx returns to CNH from Iveco Group, where he was appointed as group CEO in 2022. He previously joined CNH as president of commercial and specialty vehicles in 2019.

“We’re delighted to welcome Gerrit back to CNH as CEO,” said Suzanne Heywood, who is chair of both CNH and Iveco Group’s board, in the statement. “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.”

The transition will take effect July 1. Because of that, the CNH board has postponed its investor day. The company’s first-quarter financial results will be presented as planned in a conference call May 2. CNH Industrial’s stock fell more than 6% Monday, April 22, following the news.

Once under the same umbrella, Iveco Group and CNH Industrial divided into separate New York Stock Exchange listings in 2022, distinguishing on- from off-road industrial vehicle business holdings, according to the statement.

Related:Why equipment prices are trending lower

CNH Industrial announced its current tech-focused restructuring effort in November and has since taken steps to streamline its operation. Machinery brands are facing downward pressure due to rising input costs, declining crop prices and high interest rates.

 Incumbent CNH CEO Scott Wine will depart CNH Industrial at the end of this business cycle

During Wine’s tenure as CEO, CNH recorded three straight years of record profitability. Among highlights from his time with the company, CNH Industrial reinvigorated its construction segment, acquired Raven Industries in 2021, and by May will have returned more than $3 billion to shareholders in the form of dividends and share buybacks, according to the statement.

About the Author(s)

Andy Castillo

Andy Castillo started his career in journalism about a decade ago as a television news cameraperson and producer before transitioning to a regional newspaper covering western Massachusetts, where he wrote about local farming.

Between military deployments with the Air Force and the news, he earned an MFA in creative nonfiction writing from Bay Path University, building on the English degree he earned from the University of Massachusetts Amherst. He's a multifaceted journalist with a diverse skill set, having previously worked as an EMT and firefighter, a nightclub photographer, caricaturist, features editor at the Greenfield Recorder and a writer for GoNomad Travel. 

Castillo splits his time between the open road and western Massachusetts with his wife, Brianna, a travel nurse who specializes in pediatric oncology, and their rescue pup, Rio. When not attending farm shows, Castillo enjoys playing music, snowboarding, writing, cooking and restoring their 1920 craftsman bungalow.

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