Barclays analyst Adam Seiden reiterated an Overweight rating and $16.00 price target on CNH Industrial NV (NYSE: CNHI).

Comments follow news CNH Industrial N.V. (NYSE: CNHI) announced the appointment of Gerrit Marx to the role of CEO effective July 1, 2024. He succeeds Scott Wine, whose request to leave the Company at the end of the current three-year business plan cycle to pursue other interests, has been accepted by the Board.

Mr. Marx rejoins CNH from Iveco Group where as CEO he has led that company’s drive into a new era of connectivity, integrating the latest digital and data technologies with Iveco’s product offering.

With Mr. Marx’s appointment as the Company’s new CEO taking effect on July 1, 2024, the Board has decided that the Investor Day presentation scheduled for May 21, 2024, will be postponed to a later date to allow Mr. Marx to lead the Company’s planning and objectives for the next phase of its development.

The analyst commented, "1) Mr. Wine departs as CEO, May investor day postponed. 2) CNH's CEO role has long been a challenging seat. 3) Mr. Marx, CNH's new CEO, is a known entity to the board, organization, and a public co CEO. 4) Announcement likely isn't suggestive to Q1. But questions on the long-term future of the savings program are reasonable."

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Shares of CNH Industrial NV closed at $12.31 yesterday.