By Michael Calia
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
International once Fiat completes its acquisition of the
company.
Italian auto maker 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 michael.calia@wsj.com
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