Fiat Industrial, CNH Global CFO Resigns, Names Massimiliano Chiara Replacement

(RTTNews) - Fiat Industrial S.p.A. and CNH Global N.V. (CNH) Monday announced that Chief Financial Officer Pablo Di Si has resigned from the position to pursue other interests. Massimiliano Chiara has been appointed with immediate effect to become the finance chief of both the companies.

Rich Tobin, currently Chief Operating Officer of Fiat Industrial and Chief Executive of Amsterdam, the Netherlands-based CNH, will become Chief Executive of CNH Industrial, following completion of the merger between Fiat Industrial and CNH.

It was in last November that agricultural and construction equipment maker CNH Global announced its merger agreement with Turin, Italy-based Fiat Industrial S.p.A to combine their businesses.

As per the terms agreed upon, Fiat Industrial and CNH would each merge into a newly-formed company, organized under laws of the Netherlands.

Last month end, CNH Global had said its shareholders approved the merger with Fiat Industrial, to form a newly established company to be named CNH Industrial N.V.

Most recently, Chiara was the CFO and Head of Business Development for Fiat Automobiles Latin America. Prior to that, Max was the Head of Financial Planning and Analysis and Business Development Finance for Fiat S.p.A. and Chrysler Group LLC.

"The appointment of Max Chiara is clear evidence of the attention we have placed in both Fiat and Fiat Industrial on the development of the next generation of leaders," said Sergio Marchionne, chairman of Fiat Industrial and CNH.

Commenting on the appointment, Marchionne added, "He will be of great assistance to Rich Tobin, …., who has gone through a similar intense career progression in the last 20 years during which he and I worked together."

Pablo Di Si was CFO of CNH Global since December1, 2012. He was also the Group CFO at Fiat Industrial S.p.A. In March 2008 he was appointed CFO and Head of Business Development for Fiat Automobiles in Latin America. Di Si joined CNH in 2005.

CNH closed Friday's regular trading at $49.79 on the NYSE. In Milan, Fiat Industrial shares trade at 9.44 euros, down 2.18 percent.