The Board of CNH Industrial, owners of brands such as the Case, New Holland and Iveco, have announced the appointment of Suzanne Heywood as Acting CEO after the exit of Hubertus Mühlhäuser, who resigned as CEO with immediate effect.
A statement from the group said Heywood will also discharge the role of CEO in addition to her role as Chair of the Board, “to lead the business through this current unprecedented period and until a new permanent CEO has been identified by means of a thorough search process”.
Heywood is also MD of Exor, CNH Industrial’s largest shareholder, and has been Chair of CNH Industrial since July 2018. Prior to joining Exor, she was a senior partner at McKinsey & Co. where she led the firm’s Global Organisation Design business. She has also worked in the UK Treasury and is also a board member of the Economist and a non-executive director of Chanel. In her combined role, she will chair CNH Industrial’s Global Executive Committee to provide the business with leadership during the coming months, said the statement.
CNH Industrial has also appointed Oddone Incisa as chief financial officer, in addition to his current role as president, Financial Services. Incisa began his career with the Fiat Group in 1997 at Fiat Bank in Germany and in 2001 was named CFO of Banco Fiat, Brazil. In 2008 was nominated CFO, CNH Capital, based in the US. Incisa succeeds Max Chiara, outgoing chief financial and sustainability officer.
The CNH board confirmed its continued support for the group’s “Transform 2 Win” strategy devised under the leadership of Mühlhäuser, including the spin-off of CNH Industrial’s ‘On-Highway’ assets – commercial vehicles and powertrain segments – that will be listed alongside the group’s ‘Off-Highway’ assets – agriculture, construction and specialty segments.
CNH Industrial reiterated that the group’s robust finances remain one of its key strengths, as they have been in the past when successfully weathering storms and dislocations. The group will announce its first quarter results as planned on May 6, bearing in mind any regulatory advice with regard to financial reporting best practice during the COVID-19 emergency.
Suzanne Heywood said: “The Board and our entire leadership are united in our determination to ensure that CNH Industrial emerges even stronger from the huge challenges of the days, weeks and months ahead. And it goes without saying that their health and safety will be our priority as together we work our way through to more normal times.”