The turnaround at the top of CNH causes the collapse the stock on the stock exchange. Since opening, shares have struggled to enter trading. Exchanges started, the down is 12,65 to 4,93 euros.
CNH CEO Hubertus Muhlhauser has resigned with immediate effect. After unanimously accepting them, the board appointed Suzanne Heywood as interim CEO.
Heywood, who is also managing director of Exor and chairman of CNH, will lead the business "through the current exceptional period and until the new final CEO has been identified through an in-depth research process," the company said. Prior to joining Exor, Heywood worked for McKinsey & Company and the UK Treasury.
“The board, reads the company note, “thanks Muhlhauser for his dedication as a leader, the service rendered and the numerous contributions during his mandate”.
CNH also informs that the board has also approved the appointment of Oddone Incisa as chief financial officer, in addition to his current role as president, financial services.
Muhlhauser's resignation surprised the market, also because, as Equita points out, it came only a year and a half after his appointment. For the moment, the reasons for the decision remain to be clarified. "We believe it could be attributable to the five-year business plan presented last September which immediately appeared ambitious and difficult to achieve due to the limited macro visibility", underlines Equita. "At the beginning of February, when the 2019 results were published, a difficult first half had already been anticipated due to the need to proceed with further destocking and the earnings per share guidance had been reduced". Now, concludes Equita, with the effects of the COVID-19 pandemic, the plan is definitively compromised, even if the Iveco spin-off (together with Powertrain) still remains a goal to be achieved by January 2021.
