Gerrit Marx to Succeed Scott Wine as CEO of CNH Industrial, Olof Persson Named New Iveco CEO

CNH Industrial appoints Gerrit Marx as new CEO, replacing Scott Wine. Iveco Group also names Olof Persson as its new CEO, succeeding Marx. The leadership changes reflect the Agnelli family's strategic vision for the two companies amid industry challenges.

author-image
Justice Nwafor
Updated On
New Update
Gerrit Marx to Succeed Scott Wine as CEO of CNH Industrial, Olof Persson Named New Iveco CEO

Gerrit Marx to Succeed Scott Wine as CEO of CNH Industrial, Olof Persson Named New Iveco CEO

CNH Industrial N.V. announced on Friday that Gerrit Marx will replace Scott Wine as the company's Chief Executive Officer effective July 1, 2024. Marx, who currently serves as the CEO of Iveco Group, will be rejoining CNH Industrial after successfully guiding Iveco's shift to alternative propulsion systems. The leadership changes come as the Agnelli family's Exor, which holds controlling stakes in both CNH Industrial and Iveco Group, directs a shakeup at the top of the two companies.

Scott Wine, who has been at the helm of CNH Industrial since 2021, requested to step down from his role at the end of the current three-year business plan cycle. During his tenure, Wine oversaw CNH's transformation into a pure play agriculture and construction equipment company, achieving three consecutive years of record revenues and EBIT margins. Under his leadership, the company more than doubled its R&D expenditures and returned over $3 billion to shareholders through dividends and share buybacks.

Suzanne Heywood, Chair of CNH Industrial, expressed confidence in Gerrit Marx's ability to lead the company through the current market downcycle. "Gerrit is the right leader for the next phase of CNH Industrial's development," Heywood stated. She emphasized that Marx's focus will be on managing inventory, costs, expanding margins, and leveraging the potential of the company's new tech stack.

Why this matters: The leadership changes at CNH Industrial and Iveco Group reflect the Agnelli family's strategic vision for the two companies. As the automotive and equipment industries navigate the challenges of electrification and sustainability, the appointment of experienced executives like Gerrit Marx and Olof Persson is expected to drive innovation and maintain the companies' competitive edge in their respective markets.

In a related move, Olof Persson has been appointed as the new CEO of Iveco Group, succeeding Gerrit Marx. Persson, who currently serves as an Independent Director on Iveco Group's Board, brings extensive executive leadership experience and deep industry knowledge to his new role. Iveco Group Chair Suzanne Heywood expressed confidence in Persson's ability to ensure continued strong momentum for the company's plans, which include a five-year business plan targeting a 20% increase in revenue by 2028 with a focus on new and deeper partnerships for future growth.

Gerrit Marx will present Iveco Group's first quarter financial results as planned on May 10, 2024, before transitioning to his new role at CNH Industrial. The leadership changes at both companies are part of

Key Takeaways

  • Gerrit Marx to replace Scott Wine as CNH Industrial CEO from July 2024
  • Marx led Iveco Group's shift to alternative propulsion, now rejoins CNH
  • Wine oversaw CNH's transformation, achieving record revenues and margins
  • Olof Persson appointed as new Iveco Group CEO, succeeding Gerrit Marx
  • Leadership changes reflect Agnelli family's strategic vision for the companies