Surprise resignation at the top of CNH Industrial. The company has announced that the managing director, Richard Tobin, has decided to leave his position to go to work in another company in Chicago.
The market did not react well to the news. After opening more than two percentage points down, two hours after closing, the Cnh Industrial stock dropped 1,7% to 10,57 euros. This is one of the worst declines on the Ftse Mib.
The company has appointed interim CEO Derek Nielsen, until now Chief Operating Officer EMEA.
In any case, Tobin – who had assumed the position of CEO in 2013 – will formally remain in office until the shareholders' meeting of April 27, 2018, well after the presentation of the first quarter 2018 accounts, scheduled for March 31.
“Rich and I have worked together for over twenty years in various companies and industrial sectors and I wish him all the best for the next chapter of his career – commented Sergio Marchionne – CEO of the FCA group and president of CNH Industrial – One of the most important qualities of a leader, and those that last over time, is the development of the people you lead. Rich has worked hard to build a strong team at CNH Industrial, including Derek Neilson, who will serve as interim CEO while the board selects a new CEO. Derek brings extensive experience across the company's products and geographic profile and will ensure a seamless transition as we finalize our decision on the CEO position through the board governance process."
According to Equita analysts, Tobin's "surprise" exit "seems like a personal choice, but could inevitably arouse uncertainty in the short term".
