Former Polaris Inc. CEO Scott Wine had joined CNH Industrial in 2021 as CEO. Effective this summer, he's exiting in what analysts have described as an unexpected move. CNH Industrial NV's shares fell by the most since November after Bank of America downgraded the farm machinery maker following the CEO's departure announcement. Investors don't always like surprises, especially when they involve leadership. Shares of agricultural-machinery maker CNH Industrial took a hit in response to the news.
CNH Industrial is appointing Gerrit Marx to the role of CEO, effective July 1, 2024. Marx will replace current CEO Scott Wine, who had only been in the position for three years. The holding company of Italy's Agnelli family has overseen a shakeup at the top of two of its major industrial groups, with Scott Wine deciding to leave CNH Industrial to pursue other interests. CNH NAMES GERRIT MARX AS CEO, with Mr. Marx returning to CNH from Iveco Group.
Scott Wine's departure from CNH Industrial has been met with mixed reactions from industry experts and investors alike. Some view it as a surprising move, while others see it as an opportunity for new leadership to bring fresh perspectives to the company. Marx will replace Scott Wine who is leaving to pursue other interests, according to the company. Olof Persson will succeed Marx as Iveco CEO.