MILAN (Reuters) - Italy’s Fiat Industrial FI.MI appointed new managers as the truck and tractor maker prepares for a merger with its U.S. subsidiary CNH Global NV CNH.N.
The company, which was spun off from Fiat FIA.MI in 2011 and is in merger talks with CNH, said in a statement on Monday it had created an executive council and four regional chief operating officer (COO) positions, all reporting to a group COO.
Richard Tobin has been appointed group COO and will also retain the role of CEO and President at CNH, the statement said.
Fiat Industrial wants to buy the 12 percent stake in CNH it does not already own through an all-paper share swap.
The plan, which aims to make the combined group’s stock more attractive to investors, was rejected by a committee of advisers to the CNH board in mid-October.
Reporting By Danilo Masoni; Editing by Helen Massy-Beresford