March 23, 2020 / 8:29 AM / 10 days ago

CNH Industrial replaces CEO, confirms spin-off strategy

MILAN, March 23 (Reuters) - Industrial vehicle maker CNH Industrial said on Monday it appointed Chairman Suzanne Heywood as acting chief executive officer to replace outgoing CEO Hubertus Muhlhauser.

“The board reached its unanimous decision and accepted the resignation of Hubertus Muhlhauser as chief executive officer, who has left the group with immediate effect,” it said in a statement.

CNH Industrial’s board also confirmed its “strong” support to the group’s plan - devised when Muhlhauser was CEO - to split in two and list its Iveco truck and bus and FPT engine divisions separately in an effort to boost asset values and streamline its businesses.

The group said it would start looking for a new permanent CEO, “to be identified by means of a thorough search process”.

Reporting by Giulio Piovaccari, editing by Giulia Segreti

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