CNH Industrial said Mühlhäuser has resigned to pursue other interests. It added that he offered to assist the company while it searched for a successor, but the board determined it had access to appropriate experience and skills. It decided therefore to accept his resignation with immediate effect.
The board has appointed Suzanne Heywood as acting CEO, in addition to her role as chair of the board, to lead the business until a new permanent CEO has been identified by means of a thorough search process.
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.”
The board has thanked Mühlhäuser for his "dedicated leadership, service and numerous contributions" during his tenure.
Heywood, who is also MD 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. 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. Incisa began his career with the Fiat Group in 1997 at Fiat Bank in Germany, and in 2001 was named chief financial officer 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 US. From 2011 to 2013 he was CEO 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 Chiara will leave CNH Industrial to take up a new position.
The board has also 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. CNH Industrial says it 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.