Oppenheimer Reiterates Perform Rating on CNH Industrial NV (CNHI)
Oppenheimer analyst Kristen Owen reiterated a Perform rating 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.
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, "CNHI announced Scott Wine will step down as CNHI CEO, effective July 1. Gerrit Marx, CEO of Iveco since the spin, will replace Mr. Wine. Mr. Marx's roll at Iveco will be succeeded by Olof Persson. Throughout Mr. Wine's leadership, CNHI has undertaken a number of transformational actions to streamline its organization, invest in technologies, and drive improved through-cycle earnings. His departure and replacement by a known group executive at this stage of the cycle points to the continued opportunity ahead of CNHI. Given the cost actions undertaken during Mr. Wine's tenure, we anticipate the news of his departure to pressure shares over the near term."
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Shares of CNH Industrial NV closed at $12.31 yesterday.