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CNH Industrial names Francesco Tanzi CFO of new Iveco Group - Financial Markets Worldwide

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ReutersStock Markets22 minutes ago (Sep 14, 2021 04:10AM ET)

© Reuters. FILE PHOTO: Flags with CNH Industrial logo are pictured outside CNH Industrial building in Turin, Italy, February 5, 2020. REUTERS/ Massimo Pinca/File Photo

MILAN (Reuters) -Italian-American vehicle maker CNH Industrial (NYSE:) said on Tuesday it had named Francesco Tanzi as chief financial officer of Iveco Group, its commercial vehicle unit which is set to be spun-off early next year.

CNH Industrial 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 to boost asset values and streamline its businesses.

The assets included in the spin-off plan – initially referred to as the CNH Industrial’s “OnHighway” business – have now been renamed Iveco Group, which will start as an independent company in early 2022, CNH said in a statement.

Tanzi will join Iveco Group on Jan. 1 after stepping down from his role as CFO at tyre manufacturer Pirelli, a position he has held for the past 12 years.

Earlier this year CNH Industrial, which is controlled by Exor (OTC:), the holding company of Italy’s Agnelli family, nominated its president for commercial and speciality vehicles unit Gerrit Marx as chief executive of the new Iveco group.

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