- After less than three and a half years in the position
- Accolades, praise, thanks and good wishes for Wine
- Gerrit Marx taking over
(exechange) — Basildon, England, April 22, 2024 — Scott Wine, chief executive of CNH, leaves his position. As announced by CNH Industrial NV in a news release published on Sunday, April 21, 2024, and in a regulatory filing published on Monday, April 22, 2024, Scott W. Wine leaves his post as chief executive officer at the tractor and construction machinery maker, after less than three and a half years in the role, effective July 1, 2024.
Scott Wine’s duties as CEO will be taken over by Gerrit Marx, currently Chief Executive Officer at Iveco Group N.V.
“To pursue other interests”
The management change is explained as follows. CNH stated: “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.”
Precise information regarding Scott Wine’s future plans was not immediately available.
“Resigned”
CNH said: “On April 20, 2024, Scott W. Wine resigned as Chief Executive Officer and Executive Director of CNH Industrial N.V. …, as well as from all other positions that he holds with CNH, effective as of July 1, 2024.”
“Not the result of any dispute or disagreement”
CNH stated, regarding the change: “Mr. Wine’s resignation was not the result of any dispute or disagreement with the Company or the Board on any matter relating to the operations, policies or practices of the Company.”
Share price decline since January 2021
The announcement follows a decline in CNH Industrial NV’s share price of 1% since January 2021. January 2021 is the month in which Wine’s tenure as CEO began.
In the position of CEO since 2021
Scott Wine became CEO of the Company in 2021.
Scott W. Wine is the Chief Executive Officer of CNH Industrial and an executive director on the Company’s Board of Directors.
Prior to joining CNH Industrial in 2021, he was Chairman and CEO of Polaris Inc., a manufacturer of off-road vehicles, electric cars, motorcycles, snowmobiles and boats.
He joined Polaris in 2008 as Chief Executive Officer and was named Chairman in 2013.
In 2007, Wine joined UTC Fire and Security, a subsidiary of United Technologies Corporation, as President of Fire Safety America.
From 2003 to 2007 he held positions of increasing importance across a range of Danaher Corporation companies, serving as President of Jacobs Vehicle Systems, a commercial truck braking systems manufacturer, from 2003 until 2006, when he became President of The VeederRoot Co., a manufacturer of fuel-tank measuring equipment.
In 1996 Wine joined Allied Signal Corp, a US aerospace, automotive and engineering company. Following its 1999 acquisition of Honeywell, in 2001 Wine assumed the role of Managing Director of Honeywell Aerospace GmbH, based in Germany, before being appointed Vice President of the European Engine Services Division.
From 1989 to 1996 he served as a supply officer in the United States Navy.
Wine holds an MBA from the University of Maryland and a bachelor’s degree from the United States Naval Academy.
He serves on the Boards of US Bancorp and the U.S. Naval Academy Foundation.
Born in 1967, he holds American citizenship.
No statement by Scott Wine
In the release announcing his departure as CEO of CNH Industrial NV, Scott Wine received accolades, praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Scott Wine.
The above text is an excerpt from the exechange report 18.2024 ($), publication date April 29, 2024.