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Marx to take CNH position on July 1

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Olof Persson appointed as new Iveco ( IVCGF ) CEO

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CNH postpones Investor Day scheduled on May 21

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Both companies controlled by Exor

April 21 (Reuters) - The holding company of Italy's

Agnelli family has overseen a shakeup at the top of two of its

major industrial groups, with Scott Wine quitting his post as

CEO of farm and construction machinery group CNH to be

replaced by Iveco ( IVCGF ) boss Gerrit Marx.

The two companies said on Sunday Marx will replace Wine from

July 1. Turin-based Iveco ( IVCGF ) said it had appointed board member

Olof Persson as its new CEO.

Iveco ( IVCGF ) and CNH are both controlled by the Agnellis' Exor

. Iveco Group's ( IVCGF ) current market capitalisation amounts

to around 3.4 billion euros ($3.6 billion), less than one fourth

that of CNH.

A German national, Marx guided Iveco ( IVCGF ), the Italian bus and

truck maker, through its spin-off from then parent CNH, which

was finalised at the beginning of 2022, and through its first

years as a stand-alone company.

Iveco ( IVCGF ) shares doubled their value between November and the

beginning of this month, before slightly correcting later in

April.

By contrast, CNH shares lost more than 30% of their value

since highs touched last year, when it cut its revenue forecast

and announced a plan to reduce its workforce, citing softening

demand for its farm machinery.

CNH said Wine was leaving the company to pursue other

interests, and that the board had accepted his request to leave

at the end of the current three-year business plan cycle.

Amid the Iveco ( IVCGF ) spin-off, CNH has increasingly focused its

business on precision agriculture, including with the

acquisition of U.S. group Raven Industries in 2021.

CNH recently completed a plan to drop its New York and Milan

double listing and focus on a U.S.-only listing set-up.

Marx had last month presented Iveco's ( IVCGF ) new business plan

targeting a 20% bump in revenue by 2028.

Persson, a 59 year old Swede, has covered in his career

executive positions in several manufacturing companies,

including CEO at Iveco's ( IVCGF ) competitor Volvo Group.

He has been closely involved in the development of the

group's recently presented business plan, Iveco ( IVCGF ) said in its

statement.

CNH also said its board had decided that its Investor Day

scheduled for May 21 would be postponed to allow Marx to lead

the company's planning and objectives for the next phase of its

development

($1 = 0.9386 euros)