MILAN: The holding company of Italy’s Agnelli family has overseen a shakeup at the top of two of its major industrial groups, with Scott Wine quitting his post as CEO of farm and construction machinery group CNH to be replaced by Iveco boss Gerrit Marx.

The two companies said on Sunday Marx will replace Wine from July 1. Turin-based Iveco said it had appointed board member Olof Persson as its new CEO.

Iveco and CNH are both controlled by the Agnellis’ Exor. Iveco Group’s current market capitalisation amounts to around €3.4bil (US$3.6bil), less than one fourth that of CNH.

A German national, Marx guided Iveco, the Italian bus and truck maker, through its spin-off from then parent CNH, which was finalised at the beginning of 2022, and through its first years as a stand-alone company.

Iveco shares doubled their value between November and the beginning of this month, before slightly correcting later in April.

By contrast, CNH shares lost more than 30% of their value since highs touched last year, when it cut its revenue forecast and announced a plan to reduce its workforce, citing softening demand for its farm machinery.

 - Reuters