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.

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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.

OUTGOING CEO: Incumbent CEO Scott Wine will depart CNH Industrial at the end of this business cycle. (CNH Industrial)

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.