Shares of Tractor Maker CNH Fall After Surprising CEO Change

CNH Industrial NV’s shares fell by the most since November after Bank of America downgraded the farm machinery maker following an unexpected announcement that Chief Executive Officer Scott Wine will leave at the end of June.

CNH accepted Wine’s request to leave the company to pursue other interests, according to a Sunday statement. Gerrit Marx, who is CEO of CNH spinoff Iveco Group NV, will succeed Wine as of July 1. The firm also postponed an investor day scheduled for May 21.

US shares of the company fell as much as 9.3% in New York to ...