Updated April 23, 2024, 10:05 am
In an April 22 note to CNH dealers shared with Farm Equipment, Scott Wine stated his decision to leave the company was due to his inability to commit to the next 3-year business cycle.
The full letter to dealers reads as follows:
Dear Dealer Partner,
My three years with CNH have been some of the most rewarding of my career. A large part of that stems from my interactions with you, the world’s best agriculture and construction dealer network. Together we have strengthened our storied brands, worked with customers to develop and refine incredible technology, and sustained an ongoing commitment to improving both product quality and the overall customer experience. We can be proud of how we have jointly championed the noble work of feeding and building a better world and laid a strong foundation for an even brighter future.
After much deliberation, I have arrived at the decision that I cannot commit to the full term of the next three-year business cycle in light of my personal plans for the future. Consequently, in full alignment with the Board of Directors, I will be concluding my tenure at CNH on June 30th. You can read the press release here.
I would also like to take this opportunity to inform you that Gerrit Marx will become the CEO of CNH as of July 1st. Gerrit rejoins CNH from Iveco Group where as CEO he has led that company’s drive into a new era of connectivity, integrating the latest digital and data technologies with Iveco’s product offering. He has also chaired Iveco’s powertrain business overseeing its transition to alternative propulsion systems. During the next two months, I will be working extremely closely with Gerrit to ensure a seamless transition that keeps your business, and ours, operating without disruption.
Over the past three years, I have had the privilege of speaking with, and learning from, many of you. I am grateful for your enduring partnership, staunch dedication to our brands and our customers, and unremitting honesty – even if at times it has been challenging to hear! Your collaboration and wisdom have been pivotal in propelling our business forward.
And we certainly have made tremendous progress: improving the performance of our agriculture division, turning around our construction business, all alongside turbo charging our Net Promoter Score, rolling out in-dealership Connect Rooms, launching world-beating products that marry great iron and great tech … the list goes on.
Our company and brands have made significant progress over the last three years, and while there is still a lot of hard work to do, with your able assistance CNH is strongly positioned for success. I am confident that with your ongoing partnership, insight and plain hard work, the future is bright for you and for CNH.
CNH Industrial N.V. (NYSE:CNHI) announces the appointment of Gerrit Marx to the role of CEO effective July 1, 2024. He succeeds Scott Wine, whose request to leave the Company at the end of the current three-year business plan cycle to pursue other interests, has been accepted by the Board.
CNH Industrial announced Wine's appoint on Nov. 17, 2020, which was effective Jan. 4, 2021.
Mr. Marx rejoins CNH from Iveco Group where as CEO he has led that company’s drive into a new era of connectivity, integrating the latest digital and data technologies with Iveco’s product offering. He has also chaired Iveco’s powertrain business overseeing its transition to alternative propulsion systems. Prior to first joining CNH in January 2019, Mr. Marx worked for 20 years in senior roles at McKinsey, Daimler Trucks, and Bain Capital, living in Brazil, China, Europe and Japan.
During the more than three years of Mr. Wine’s tenure as CEO, 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 his achievements, Mr. Wine has delivered 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. In this 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.
CNH’s Chair, Suzanne Heywood commented: “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 endeavors.”
With Mr. Marx’s appointment as the Company’s new CEO taking effect on July 1, 2024, the Board has decided that the Investor Day presentation scheduled for May 21, 2024, will be postponed to a later date to allow Mr. Marx to lead the Company’s planning and objectives for the next phase of its development. In the meantime, the Company’s first quarter financial results will be presented as planned in a conference call on May 2, 2024 by Mr. Wine, who will continue as the Company’s CEO until the end of June.
