Tractor Maker CNH Fall After Surprising CEO Change [BNN Bloomberg (Canada)]
Deere & Company (DE)
Last deere & company earnings: 2/21 06:45 am
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Source: BNN Bloomberg
unexpected announcement that Chief Executive Officer Scott Wine will leave at the end of June. CNH accepted Wine's request to leave the company to pursue other interests, according to a Sunday statement. Gerrit Marx, who is CEO of CNH spinoff Iveco Group NV, will succeed Wine as of July 1. The firm also postponed an investor day scheduled for May 21. US shares of the company fell as much as 9.3% in New York to $11.16, the lowest intraday price since mid-December. “Sunday's surprising CEO change adds uncertainty around the transformation,” Bank of America analyst Michael Feniger said in a Monday note, in which the firm downgraded the stock to neutral from buy. “In our view, Mr. Wine's vision was just starting to bear fruit and the postponement of May's investor day pushes out a key catalyst at a critical time.” Read More: Agnellis' CNH Taps Iveco's Gerrit Marx as New Chief Executive Tractor makers have been under pressure as sliding crop prices and rising interest rates slow
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Earnings
- 2/15/24 - Beat
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Sec Filings
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- 5/1/24 - Form 3
- 4/30/24 - Form 13F-HR
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