Iveco Group CEO Gerrit Marx leaves to head Agnelli family’s CNH

Bengaluru — Iveco Group CEO Gerrit Marx is leaving the Italian bus and truck maker to take the position of CEO of tractor and construction machinery group CNH Industrial from July 1, the companies said on Sunday.

Marx will replace Scott Wine who is leaving to pursue other interests, according to the company. Olof Persson will succeed Marx as Iveco chief, the company said.

Suzanne Heywood, chair of Iveco said: “On behalf of everyone at Iveco Group I’d like to thank Gerrit for his energetic and successful leadership over the past two and half years and wish him every success in his new role. We are fortunate indeed that Olof, with his wealth of relevant industry experience, will step in as CEO and provide a guarantee of continuity in execution of the plans we presented in March.”

Iveco said last month it plans to focus on new and deeper partnerships for future growth, unveiling a five-year business plan targeting a 20% bump in revenue by 2028.

CNH, which is owned by Italy’s billionaire Agnelli family,  reported a higher fourth-quarter profit in February, boosted by strong prices for its farm and construction machinery despite slowing demand.

Persson said in a statement: “As a board member I have been greatly impressed by the entire Iveco Group team as they have opened the company to the opportunities of the digital era and the transition to alternative propulsion technologies. I couldn’t be more delighted to have this opportunity to step in to the CEO role, ensuring that we maintain our laser focus on serving all our stakeholders and applying the very best of our many and growing capabilities.”

While Marx said called Persson a valued board member and mentor. “I’m deeply proud of the achievements of my Iveco Group colleagues during these important and exciting years since our listing and have no doubt that under Olof’s leadership our great company will continue to go from strength to strength.”

Iveco’s first quarter financial results will be presented by Marx on May 10. With Staff Writer

Reuters