(Reuters) – The holding company of the Italian Agnelli family has reshuffled the leadership of two of its largest industrial groups, with Scott Wine leaving his post as chief executive of agricultural and construction machinery group CNH and being replaced by Iveco boss Gerrit Marx.
Both companies said Sunday that Marks will replace Wine effective July 1. Turin-based Iveco said it has appointed Olof Persson as its new chief executive.
Iveco and CNH are controlled by Agnellis’ Exor (AS:). Iveco Group’s current market capitalization is around 3.4 billion euros ($3.6 billion), less than a quarter of CNH’s.
A German national, Marx led Iveco, the Italian bus and truck maker, through its separation from then-parent CNH, which was completed in early 2022, and through its early years as a separate company.
Iveco shares doubled in value between November and the beginning of this month, before correcting slightly later in April.
By contrast, CNH shares have lost more than 30% of their value since hitting highs last year, when the company cut its revenue forecast and announced a workforce reduction plan, citing weaker demand for farm equipment.
CNH said Wine is leaving the company to pursue other interests and that the board has accepted his request to leave at the end of the current three-year business plan cycle.
Amid the Iveco spin-off, CNH is increasingly focusing its business on precision agriculture, including following the acquisition of US group Raven (NASDAQ:) Industries in 2021.
CNH recently completed a plan to eliminate its dual listing in New York and Milan and focus on creating a US-only listing.
Last month, Marks unveiled Iveco’s new business plan, calling for a 20% increase in revenue by 2028.
Persson, a 59-year-old Swede, has held senior positions at several manufacturing companies during his career, including as CEO of Iveco rival Volvo (OTC:) Group.
He was actively involved in the development of the group’s recently presented business plan, Iveco said in a statement.
CNH also said its board has decided that its Investor Day, scheduled for May 21, will be postponed to allow Marks to lead the company’s planning and goals for the next phase of its development.
($1 = 0.9386 euros)