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CNH Industrial replaces CEO, confirms spin-off strategy

Published 23/03/2020, 08:37
Updated 23/03/2020, 08:40
© Reuters. FILE PHOTO: The truck and tractor maker CNH Industrial NV releases Q4 and FY results

MILAN (Reuters) - Industrial vehicle maker CNH Industrial (MI:CNHI) 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".

© Reuters. FILE PHOTO: The truck and tractor maker CNH Industrial NV releases Q4 and FY results

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