CNH CEO to retire

Harold Boyanovsky, president and CEO of construction and agriculture equipment manufacturer CNH, is to retire on 31 December this year and will be replaced by the company's CFO, Richard Tobin.

CNH - which markets its earthmoving equipment under the Case, New Holland and Kobelco brands - said Mr Tobin would take the reins as president and CEO on 1 January, 2012. He, in turn, will be replaced as CFO by Camillo Rossotto, treasurer and head of financial services for Fiat Industrial - the conglomerate that owns a majority stake in CNH. CNH said that Mr Rossotto would also retain his responsibilities at Fiat Industrial.

Mr Boyanovsky served as President and CEO of CNH since March 2005. Chairman of Fiat Industrial Sergio Marchionne said, "Harold is a true leader. During his career, he led CNH through a period of tremendous growth and diversification that transformed the company into the CNH we know today."

Mr Tobin has been CNH CFO since March 2010, when he joined CNH from specialist inspection and testing company SGS Group.