CNH Industrial appoints Suzanne Heywood as officiating CEO

The Board of CNH Industrial has appointed Suzanne Heywood as Acting Chief Executive Officer, 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. The company is a global leader in the capital goods sector; each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth Iveco Astra for quarry and construction vehicles. Suzanne Heywood, who is also Managing Director of Exor, CNH Industrial's largest shareholder, has been Chair of CNH Industrial since July 2018. Prior to joining Exor, she was a Senior Partner at McKinsey & Company where she led the firm's Global Organization Design business prior to which she worked in the UK Treasury. Suzanne Heywood is also a Board Member of the Economist and a Non-Executive Director of Chanel. In her combined role, she will chair the Group's Global Executive Committee to provide the business with leadership during the coming months. Meeting under her leadership, the Board also unanimously agreed on the appointment of 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 Chief Financial Officer (CFO) of Banco Fiat, Brazil. In 2003 he was appointed Head of Financial Planning & Analysis, Fidis Retail and FGA Capital, Italy, and in 2008 was nominated CFO, CNH Capital, based in the U.S. From 2011 to 2013 he held the position of CEO and General Manager, FGA Capital (now FCA Bank). He succeeds Max Chiara, outgoing Chief Financial and Sustainability Officer, who will remain available to support the new CFO's transition over the next two weeks when Max Chiara will leave CNH Industrial to take up a new position. The Board also confirmed its continued strong support for the Group's “Transform 2 Win” strategy devised under the leadership of Mr. 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). The two resulting distinct world-leading businesses will each focus on creating value in their respective areas of activity.