CNH Industrial released a statement this morning that indicates that its chairman, Sergio Machionne, passed away this morning following complications from shoulder surgery.
The company's Board of Directors said it will continue the process that is already under way to select a new CEO. In the meantime Derek Neilson will continue, in his role as the company’s Interim CEO, to ensure the company’s operational continuity.
According to reports, Sergio Marchionne will retire after this year and Andreas Klauser, Case IH brand president, has accepted the CEO position at Palfinger.
CNH Industrial N.V. announces leadership changes. Richard Tobin is stepping down as Chief Executive Officer and as a Director of CNH Industrial to pursue another executive opportunity.
While Sergio Marchionne, chairman of CNH Industrial, which makes Case IH and New Holland farm equipment, has changed his mind on the future of electric vehicles, other farm equipment manufacturers are pushing ahead with the development of battery powered equipment.
CNH Industrial, along with carmaker Fiat Chrysler Automobiles, has signed a 4-year labor deal with workers in Italy that applies to 85,000 employees of the two companies in the country.
Sergio Marchionne, chairman of Italy's Fiat Industrial (FI.MI), said the company has committed to increase the investment of its CNH Global NV (CNH) subsidiary in Argentina to a total of US$200 million, La Repubblica reported in its Wednesday Internet edition.
Fiat’s Chairman, Sergio Marchionne, hosted an analyst meeting in New York City yesterday, where he introduced the Fiat Industrial management team and answered questions regarding the newly formed entity.
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