The Board reached its unanimous decision and accepted the resignation of Hubertus Mühlhäuser as Chief Executive Officer, who has left the Group with immediate effect. The Board thanked Mühlhäuser for his dedicated leadership, service and numerous contributions during his tenure.
Suzanne Heywood, who is also Managing Director of Exor, CNH Industrial’s largest shareholder, has been Chair of CNH Industrial since July 2018. Prior to joining Exor, she was a Senior Partner at McKinsey & Company where she led the firm’s Global Organisation Design business prior to which she worked in the UK Treasury. Suzanne Heywood is also a Board Member of the Economist and a Non-Executive Director of Chanel. In her combined role, she will chair the Group’s Global Executive Committee to provide the business with leadership during the coming months.
Meeting under her leadership, the Board also unanimously agreed on the appointment of Oddone Incisa as Chief Financial Officer, in addition to his current role as President, Financial Services. Mr. Incisa began his career with the Fiat Group in 1997 at Fiat Bank in Germany, and in 2001 was named Chief Financial Officer (CFO) of Banco Fiat, Brazil. In 2003 he was appointed Head of Financial Planning & Analysis, Fidis Retail and FGA Capital, Italy, and in 2008 was nominated CFO, CNH Capital, based in the U.S. From 2011 to 2013 Mr. Incisa held the position of Chief Executive Officer and General Manager, FGA Capital (now FCA Bank).
Incisa succeeds Max Chiara, outgoing Chief Financial and Sustainability Officer, who will remain available to support the new CFO’s transition over the next two weeks when Mr. Chiara will leave CNH Industrial to take up a new position. “Max has been a loyal and valued contributor throughout his 13 years with the Group. We wish him all the best in his future endeavours” stated Suzanne Heywood.
The Board also confirmed its continued strong support for the Group’s “Transform 2 Win” strategy devised under the leadership of Mr. Mühlhäuser, including the spin-off of CNH Industrial’s ‘On-Highway’ assets (commercial vehicles and powertrain segments) that will be listed alongside the group’s ‘Off-Highway’ assets (agriculture, construction and specialty segments). The two resulting distinct world-leading businesses will each focus on creating value in their respective areas of activity.
Finally, the Board reiterated that the Group’s robust finances remain one of its key strengths, as they have been in the past when successfully weathering storms and dislocations. The Group will announce its first quarter results as planned on 6 May 2020, bearing in mind any regulatory advice with regard to financial reporting best practice during the COVID-19 emergency.
Suzanne Heywood commented: “The Board and our entire leadership are united in our determination to ensure that CNH Industrial emerges even stronger from the huge challenges of the days, weeks and months ahead. Above all, my thanks go to our exceptional people, wherever they are, as they apply their outstanding skills, strengths and knowhow to this purpose. And it goes without saying that their health and safety will be our priority as together we work our way through to more normal times.”
"It’s been an honour to work alongside Jeff for all these years. His expertise has been invaluable to our growth. We wouldn’t be where we are today without him and we all want to congratulate him on a wonderful career," said Samir Salman, CEO of Continental North America. "Bob has exhibited exceptional leadership and innovative thinking throughout his career. We’re excited to see how he can help us build an even better future."
Lee first joined Continental in 2014 as the President and CEO of Continental Automotive Korea, where he led overall operations in the country. Lee is a veteran of the industry with a proven record of success. Prior to joining Continental, he held various executive leadership positions in the automotive and technology industry. Among those, he served as the President and CEO of SK Continental E-motion, a joint venture global automotive battery system company formed by Continental and SK Innovation.
"It’s a special time for Continental as we build toward the future and continue to develop innovative, unique solutions in the technology space," said Lee. "It’s been a thrill to dive in with the team here and I look forward to seeing what new opportunities we can tackle together to grow further. I’m thankful for the opportunity to learn alongside Jeff and congratulate him on a long, successful career."
Salman added that it is a well-deserved retirement for Klei, who has been with Continental for more than 30 years, including nearly 12 years as the president of Continental North America.
Klei began his career with ITT Automotive in 1989. He joined Continental Teves as the head of Sales and Marketing, North America when Continental acquired ITT Automotive’s Brake and Chassis unit in 1998. He was appointed as the president of Continental North America in 2008. During his time in the position, he also retained responsibilities as the Vice President of Sales, General Motors Worldwide.
Steve Marsh has been appointed Senior Vice President, Manufacturing, Supply Chain Management and Purchasing, Nissan North America, Inc. In this role, Marsh will be responsible for managing all facets of Nissan's manufacturing operations in the US and Mexico, including all supply chain and purchasing operations.
“Steve’s expansive global knowledge and strong leadership skills will help move our manufacturing operations forward during a transformative period for the region,” said José Luis Valls, President and Chairman, Nissan North America.
With more than 30 years with Nissan, Marsh has held global roles of increasing responsibility in manufacturing including vice president, Manufacturing, Canton Vehicle Assembly Plant, Nissan North America, and most recently as Vice President, Nissan Motor Manufacturing UK (NMUK).
Due to evolving impact of COVID-19, Marsh’s effective date is tentative. In the interim, Chris Reed, Senior Vice President, Research and Development (R&D), Nissan Technical Centre North America, will continue to oversee manufacturing operations in addition to his current R&D responsibilities.