Tractor Maker CNH Fall After Surprising CEO Change
- Scott Wine to depart at end of June to pursue other interests
- Wine’s strategy was ‘just starting to bear fruit’: BofA
Winter wheat is harvested with a CNH Industrial New Holland combine harvester in Zurich, Kansas.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
CNH Industrial NV’s shares fell by the most since November after Bank of America downgraded the farm machinery maker following an unexpected announcement that Chief Executive Officer Scott Wine will leave at the end of June.
CNH accepted Wine’s request to leave the company to pursue other interests, according to a Sunday statement. Gerrit Marx, who is CEO of CNH spinoff Iveco Group NV, will succeed Wine as of July 1. The firm also postponed an investor day scheduled for May 21.