MILAN (Reuters) -Italian-American vehicle maker CNH Industrial (NYSE:CNHI) said on Tuesday it had named Francesco Tanzi as chief financial officer of Iveco Group, its commercial vehicle unit which is set to be spun-off early next year.
CNH Industrial said in 2019 it planned to split in two and separately list its lower-margin Iveco truck and bus units along with its FPT engine division to boost asset values and streamline its businesses.
The assets included in the spin-off plan - initially referred to as the CNH Industrial's "OnHighway" business - have now been renamed Iveco Group, which will start as an independent company in early 2022, CNH said in a statement.
Tanzi will join Iveco Group on Jan. 1 after stepping down from his role as CFO at tyre manufacturer Pirelli, a position he has held for the past 12 years.
Earlier this year CNH Industrial, which is controlled by Exor (OTC:EXXRF), the holding company of Italy's Agnelli family, nominated its president for commercial and speciality vehicles unit Gerrit Marx as chief executive of the new Iveco group.