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CNH Industrial names Francesco Tanzi CFO of new Iveco Group

Stock MarketsSep 14, 2021 04:10AM ET
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© 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:CNHI) 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:EXXRF), 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.

CNH Industrial names Francesco Tanzi CFO of new Iveco Group
 

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