CNH Industrial's president of agriculture is leaving the company, marking the latest executive to give his notice after the tractor manufacturer’s chief executive officer announced his departure earlier this year.
Derek Neilson, who leads CNH's agricultural segment, is stepping down after 25 years with the company to pursue an entrepreneurial project outside the farm equipment sector, according to a release. He is slated to exit later this year, but a specific date was not disclosed.
The move comes a little more than a month after the global tractor maker appointed a new CEO to replace Scott Wine, who plans to leave effective July 1. Both executives are departing in the middle of a broad corporate restructuring, which in part looks to sharpen the company's focus on precision agriculture and digital tools.
Last month, CNH reported net income of $402 million in the first quarter, a 17% decline from a year ago, citing headwinds from lower agriculture and construction equipment demand. The company, which began making job cuts last fall and reduced its leadership team, also revised its 2024 outlook downward as borrowers pull back on spending due to high interest rates.
In addition to holding several c-suite leadership roles, Neilson also served as interim CEO for three quarters in 2018. He was "critical to the success of our continuing transformation," Chair Suzanne Heywood said in a statement.
Among other things, Neilson was leading the company's innovation efforts to find new areas for market expansion in agriculture, Wine said during his last earnings call as CEO on May 2.
"You look at what Derek’s done over the last three years, there is a lot of momentum that’s going to carry forward, whether I’m here or not," Wine told investors.
