More changes at CNH

More changes are coming to agricultural and industrial equipment maker CNH Industrial.  The parent company of Case and New Holland brands announced CEO Scott Wine has decided to leave the company to pursue other interests.  Gerrit Marx from Iveco Group has been named to replace Wine on July 1st.  Marx is familiar with the company as Iveco Group was spun off from CNH Industrial in 2022.

According to a statement from the company, Wine delivered three straight years of record revenues 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. Wine also doubled research and development expenditures, and returned more than $3 billion to shareholders in the form of dividends and share buybacks.

Not all of the changes at CNH Industrial are viewed as positive.  The company has been criticized by politicians and the labor union for planned cuts of more than 200 workers at its Wisconsin production plants with the possibility of cutting more next year.  The numbers are not clear, as CNH Industrial has not yet filed the required layoff notice with the State of Wisconsin.

The leadership change also triggered some uncertainty in the stock market.  The news of Wine’s departure prompted Bank of America to downgrade the machinery maker from “buy” to “neutral” after stock values fell 4.3% Monday, April 22nd. after Wine’s announcement.

CNH Industrial could not be reached for comment.

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