The amicable divorce between Italian automaker Fiat and its combined ag and industrial businesses, including Case IH, New Holland and Steyr, has been made official.
Fiat Industrial, which officially “demerged” from Fiat on Saturday and began trading Monday on Italy’s MTA stock exchange, on Wednesday named the new executive body that will oversee the company’s operations.
CNH, the parent of Fiat’s ag brands, created in 1999 from the merger of Case Corp. and New Holland, joins powertrain manufacturer FPT Industrial and commercial/industrial truck maker Iveco in the new company.
The deal also means a new parent for CNH’s Canadian ag equipment manufacturing division in Saskatoon, created when CNH bought seeding equipment maker Flexi-Coil in 2000.
Sergio Marchionne, Fiat’s CEO since 2004 and chairman of CNH since 2006, was named Wednesday as chairman of Fiat Industrial’s industrial executive council (IEC).
Marchionne, born in Italy, was educated in Canada and started his career in management in Canadian firms, including a stint as chief financial officer of industrial equipment and tool distributor Acklands (now Acklands-Grainger).
The IEC, including the new company’s sector CEOs and “key functional leaders,” will be “the highest executive decision making body within Fiat Industrial outside of its board of directors,” with responsibility for reviewing operating performance, setting performance targets and making “key strategic decisions and investments.”
CNH will be represented on the nine-member IEC by its current CEO, Harold Boyanovsky.