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DAIMLER AG

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CNH Industrial names Gerrit Marx future CEO of planned business spin-off

06/11/2021 | 09:18am EDT
FILE PHOTO: The truck and tractor maker CNH Industrial NV releases Q4 and FY results

MILAN (Reuters) - Vehicle maker CNH Industrial has designated its president for commercial and speciality vehicles unit Gerrit Marx as chief executive of its On-Highway business after its planned spin-off, it said on Friday.

The group said in 2019 it planned to split in two and separately list its lower-margin Iveco truck and bus units along with its FPT engine division in an entity called On-Highway to boost asset values and streamline its businesses.

CNH Industrial, which is controlled by Exor, the holding company of Italy's Agnelli family, said on Friday that work was proceeding "apace" to deliver the spin-off, confirming that the On-Highway business was expected to become independent in early 2022.

Marx, a German national who joined CNH Industrial in 2019, has 20 years' experience at large groups including McKinsey, Daimler and Skoda.

Besides CNH's FPT Industrial engine maker and Iveco truck and bus units, the new On-Highway business will include Astra heavy-duty trucks, Magirus firefighting vehicles, Iveco Defence Vehicles, and Iveco Capital financial service unit.

(Reporting by Giulio Piovaccari; Editing by Emelia Sithole-Matarise)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CNH INDUSTRIAL N.V. -2.39% 16.77 Delayed Quote.30.61%
DAIMLER AG 0.53% 79.46 Delayed Quote.37.50%
EXOR N.V. -0.12% 68 Delayed Quote.2.81%
FPT CORPORATION -0.60% 82600 End-of-day quote.60.73%
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Financials
Sales 2021 172 B 205 B 205 B
Net income 2021 11 172 M 13 307 M 13 307 M
Net cash 2021 19 630 M 23 381 M 23 381 M
P/E ratio 2021 7,58x
Yield 2021 4,81%
Capitalization 85 009 M 101 B 101 B
EV / Sales 2021 0,38x
EV / Sales 2022 0,33x
Nbr of Employees 288 064
Free-Float 81,4%
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Number of Analysts 27
Average target price 92,18 €
Last Close Price 79,46 €
Spread / Highest target 44,7%
Spread / Average Target 16,0%
Spread / Lowest Target -49,7%
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NameTitle
Ola Kńllenius Chairman-Management Board
Harald Emil Wilhelm Chief Financial Officer
Bernd Pischetsrieder Chairman-Supervisory Board
Markus Schńfer Chief Operating Officer
Clemens A. H. B÷rsig Member-Supervisory Board
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