Marchionne Says Tobin Will Become CEO of CNH Industrial
“Rich will be assuming the position of chief executive of CNH Industrial upon completion of the merger,” Chairman Sergio Marchionne said today in a statement.
Tobin, 50, joined Amsterdam-based CNH in 2010 from SGS SA (SGSN), the world’s largest product inspector. Marchionne is also chairman of SGS, a company he ran before becoming chief executive officer in 2004 of Turin, Italy-based carmaker Fiat SpA (F), the original owner of truck and tractor producer Fiat Industrial.
Shareholders of Fiat Industrial, which makes Iveco trucks, and its 88 percent-owned subsidiary CNH, which builds Case and New Holland bulldozers and tractors, approved the merger in July. The combination is part of Marchionne’s strategy to improve the company’s growth prospects by shifting focus to the U.S. market. Fiat spun off Fiat Industrial in 2011.
CNH Industrial will have its primary listing on the New York Stock Exchange. Marchionne, who will be president of the new company, is seeking to shift the Turin-based manufacturer away from roots in Italy, which is in its fourth recession since 2001 even as the broader euro area returned to growth in the second quarter of this year.
Fiat Industrial and CNH both appointed Massimiliano Chiara as chief financial officer to replace Pablo Di Si, who resigned to pursue other interests, the companies said in today’s statement.
Fiat Chairman John Elkann said in May that Tobin is one of the managers who have been groomed by Marchionne and could eventually run the carmaker.
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