The chief financial officer of Fiat Industrial SpA (FNDSF, FI.MI) and CNH Global NV (CNH), Pablo Di Si, resigned to pursue other interests and will be replaced by Massimiliano Chiara.
Mr. Chiara's appointment is effective immediately.
Additionally, Fiat and CNH Chairman Sergio Marchionne said Rich Tobin, currently CNH Global's chief executive, will be CEO of CNH Industrial once Fiat completes its acquisition of the company.
Italian automaker Fiat owns about 87% of CNH and is in the process of acquiring the remaining stake. CNH, the world's second biggest seller of farm machinery behind Deere & Co. (DE), will then be known as CNH International. Shareholders of CNH approved the merger last month.
Mr. Chiara most recently worked as financial chief and head of business development for Fiat Automobiles Latin America, and has served in other top finance roles for Fiat and Chrysler Group LLC, of which Fiat is the majority owner.
Mr. Chiara "has demonstrated an exceptional level of engagement and know-how in the various positions he has held within the Fiat world," Mr. Marchionne said.
Shares of CNH were down 2.8% to $48.40 in recent light premarket trading. The stock is up 24% this year.
Write to Michael Calia at firstname.lastname@example.org
"Fiat, CNH Global CFO Pablo Di Si Resigns, Chiara to Replace," published at 6:35 a.m. EDT, stated the incorrect name for the post-merger CNH in the third paragraph. It will be CNH Industrial, not CNH International.