CNH Industrial N.V. announced that Richard Tobin is stepping down as chief executive officer and as a director of CNH Industrial.

CNH Industrial N.V. announced that Richard Tobin is stepping down as chief executive officer and as a director of CNH Industrial to pursue another executive opportunity. Tobin's departure will be effective April 27, 2018, following announcement of the company's financial results for the fiscal quarter ending March 31, 2018. Not longer after, Dover Corporation announced that Tobin had been appointed president and CEO, effective May 1, 2018, upon the retirement of Robert A. Livingston on April 30, 2018, after successful a 35-year career

The CNH Industrial board of directors has appointed Derek Neilson as interim CEO. Neilson has nearly two decades of experience with CNH Industrial and most recently served as chief operating officer EMEA and president of the company's Commercial Vehicles Products Segment. From 2012 to 2015, he served as the group's chief manufacturing officer.

“Rich and I have worked together for over 20 years across various companies and industries and I wish him all the best in this next chapter of his career,” said Sergio Marchionne, chairman of CNH Industrial. “One of the most important and lasting qualities of a leader is the development of the people you lead. Rich worked hard at building a strong team at CNH Industrial, including Derek Neilson who will serve as interim CEO as the Board undertakes a search for a new Chief Executive. Derek brings a breadth of experience across the Company's product and geographic profile and will provide a seamless transition as we finalize our decision for the CEO position through the Board's governance process.”

Today's top stories

Construction Market Boosts Economy

Bobcat Company Donates $885,000 in Equipment to Support Salvation Army's Disaster Relief Efforts

VIDEO: KEMROC Expands; Plans to Increase Nationwide Presence

'Machinery Pete' Interviews Jack Lyon On RFD TV

VIDEO: First of Two Sections of NYC's $1.45B East Side Coastal Resiliency Project Is Complete

John Deere Construction Introduces Flexible Customer Training Options

INFRA Grant Moves Ohio's N. Coast Connector Project Steps Closer

Ohio Gov. Announces Millions for Local Bridge Improvements