CNH Industrial names Gerrit Marx future CEO of planned business spin-off

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

MILAN (Reuters) - Vehicle maker CNH Industrial has designated its president for commercial and speciality vehicles unit Gerrit Marx as chief executive of its On-Highway business after its planned spin-off, it said on Friday.

The group said in 2019 it planned to split in two and separately list its lower-margin Iveco truck and bus units along with its FPT engine division in an entity called On-Highway to boost asset values and streamline its businesses.

CNH Industrial, which is controlled by Exor, the holding company of Italy's Agnelli family, said on Friday that work was proceeding "apace" to deliver the spin-off, confirming that the On-Highway business was expected to become independent in early 2022.

Marx, a German national who joined CNH Industrial in 2019, has 20 years' experience at large groups including McKinsey, Daimler and Skoda.

Besides CNH's FPT Industrial engine maker and Iveco truck and bus units, the new On-Highway business will include Astra heavy-duty trucks, Magirus firefighting vehicles, Iveco Defence Vehicles, and Iveco Capital financial service unit.

(Reporting by Giulio Piovaccari; Editing by Emelia Sithole-Matarise)