(Bloomberg) -- CNH Industrial NV, the tractor and construction machinery maker controlled by Italy’s billionaire Agnelli family, appointed Gerrit Marx its new chief executive officer.   

Marx is currently CEO of Iveco Group NV, which was spun off from CNH in 2022. He will rejoin CNH starting on July 1, according to statements from the companies. He replaces Scott Wine, who is stepping down at the end of the company’s current three-year business plan cycle to pursue other interests. Olof Persson, a current Iveco independent director, will become the company’s new CEO. 

The departure of Marx from Iveco comes after he last month announced a reorganization of the business into five separate units, a move aimed at unlocking the value of the company’s brands while improving transparency. Iveco, which stands for Industrial Vehicles Corporation, was formed in 1975 from parent Fiat with brands including Fiat Veicoli Industriali, Unic and Magirus Deutz.

Read More: Agnellis’ Iveco to Reorganize Truck Maker Into Five Units  

“We’re delighted to welcome Gerrit back to CNH as CEO,” CNH Chair Suzanne Heywood said in a statement. “We look forward to him bringing the same energy and focus he has demonstrated so effectively when leading Iveco, to his new role at a time when CNH is navigating the current end-market downcycle.”

CNH will postpone its investor day presentation — originally scheduled for May 21 — to a later date, citing the appointment of its new CEO. Marx will still present Iveco’s first quarter results next month. 

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