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Companies CNH Industrial

CNH Industrial (CNH): executive pay, fiscal 2025

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CEO total pay$11,724,767CEO Gerrit Marx · source
Say-on-pay support96.08%Latest vote · source
CEO vs. named peers1st pct.Of 17 peer CEOs
CEO pay ratio214:1To the median employee · source

CEO pay, last three years

  • $19,497,596FY2024
  • $11,724,767FY2025

CEO total pay was $11,724,767 in fiscal 2025, down from $19,497,596 in fiscal 2024.

FY2025: salary $1,250,000 · bonus $468,518 · stock awards $8,147,756 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at CNH Industrial in fiscal 2025?
As disclosed, James Nickolas (CFO) was the highest-paid executive at CNH Industrial in fiscal 2025, with total compensation of $12,334,218.
How does CNH Industrial's chief executive pay compare to its disclosed peer group?
As disclosed, Gerrit Marx's total compensation ranked at the 1st percentile of CNH Industrial's disclosed peer group.
What is CNH Industrial's CEO-to-median employee pay ratio?
As disclosed, CNH Industrial's CEO-to-median employee pay ratio was 214:1.
How did shareholders vote on CNH Industrial's executive compensation?
As disclosed, 96.08% of shareholders supported CNH Industrial's executive compensation in the latest say-on-pay vote.
How much does CNH Industrial spend in total on board compensation for fiscal 2025?
As disclosed, CNH Industrial reported total board compensation of $4,110,691 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Nickolas$574,327$0$10,295,719$0$730,500$0$733,672$12,334,218
CFO
Gerrit Marx1,250,000468,5188,147,75601,509,4000349,09311,724,767
CEO
Oddone Incisa308,490000005,087,2915,395,781
Former CFO
Francesco Tutino361,60002,725,7980393,014053,1593,533,571
CHRO
Stefano Pampalone679,23201,397,8110438,2240594,8313,110,098
CCO
Jay Schroeder543,97501,253,3080297,200076,7352,171,218
CTO

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
James Nickolas$12,334,218———
Gerrit Marx11,724,76719,497,596—↓ −7,772,829
Oddone Incisa5,395,7813,293,7523,994,950↑ +2,102,029
Francesco Tutino3,533,571———
Stefano Pampalone3,110,0982,162,0632,408,013↑ +948,035
Jay Schroeder2,171,218———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

CNH's compensation philosophy and programs are designed to instill a strong performance culture through a pay for performance framework, rigorous performance management, and incentive programs aligned with Company goals.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)—
Independent consultantWTW (Willis Towers Watson)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Gerrit MarxPSU2025-06-13220,408734,694—1,469,388$8,147,756
Jay SchroederPSU2025-06-1312,42941,43120,40782,862777,242
Jay SchroederRSU2025-03-11——39,247—476,066
James NickolasPSU2025-06-1350,763169,210744,567338,42010,295,719
Stefano PampalonePSU2025-06-1322,35374,51136,700149,0221,397,811
Francesco TutinoPSU2025-06-1317,80859,361161,820118,7222,725,798

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gerrit Marx$0$8,147,756$0100.0%
Jay Schroeder476,066777,242062.0%
James Nickolas010,295,7190100.0%
Stefano Pampalone01,397,8110100.0%
Francesco Tutino02,725,7980100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jay SchroederPSU6,692—$61,700
Jay SchroederRSU8,500—78,370
Jay SchroederPSU8,500—78,370
Jay SchroederPSU11,096—102,305
Jay SchroederRSU11,523—106,242
Jay SchroederRSU20,407—188,153
Stefano PampaloneRSU26,895—247,972
Stefano PampalonePSU32,841—302,794
Jay SchroederPSU34,491—318,007
Stefano PampaloneRSU36,700—338,374
Jay SchroederPSU39,247—361,857
Jay SchroederPSU41,431—381,994
Stefano PampalonePSU54,605—503,458
Francesco TutinoPSU59,361—547,308
Stefano PampalonePSU66,676—614,753
Stefano PampalonePSU74,511—686,991
Jay SchroederRSU90,773—836,927
Jay SchroederPSU91,114—840,071
Stefano PampaloneRSU96,436—889,140
Francesco TutinoRSU134,609—1,241,095
James NickolasPSU169,210—1,560,116
Stefano PampalonePSU195,792—1,805,202
Gerrit MarxPSU494,012—4,554,791
Gerrit MarxRSU494,012—4,554,791
Gerrit MarxPSU734,694—6,773,879
James NickolasRSU744,567—6,864,908
Gerrit MarxPSU788,092—7,266,208
Gerrit MarxPSU1,522,786—14,040,087
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Suzanne HeywoodIndependent · Board Chair$500,000$1,566,081——$461,786$2,527,867
Elizabeth BastoniIndependent170,00066,832——0236,832
Howard W. BuffettIndependent168,75066,832——0235,582
Vagn SørensenIndependent165,00066,832——0231,832
Richard KramerIndependent165,00066,832——0231,832
Karen LinehanIndependent160,00066,832——0226,832
Åsa TamsonsIndependent150,00066,832——0216,832
Alessandro NasiIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive136,25066,832——0203,082

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$60,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 25,000 / 25,000
Stock ownership guideline$125,000

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,615,000
Equity awards (grant-date value)$2,033,905
All other compensation$461,786
Total cost of the board$4,110,691

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names CNH Industrial as a peer

Companies that benchmark against CNH

2 companies name CNH as a compensation peer

Each company listed discloses CNH in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CNH in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies CNH Industrial names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Deere & Company2025John May$1,694,507$13,950,239$4,255,133$5,450,551$27,925,424
2Westinghouse Air Brake Technologies Corporation2025Rafael Santana1,400,00020,027,022—4,724,58026,181,461
3General Dynamics Corporation2025Phebe Novakovic1,737,50012,539,6345,220,4455,729,00025,924,082
4Parker-Hannifin Corporation2026Jennifer Parmentier1,537,5007,586,8987,841,9404,539,82222,761,169
5Honeywell International plc2025Vimal Kapur1,600,00010,866,2693,623,9143,516,80020,381,435
6Johnson Controls International plc2025Joakim Weidemanis825,00012,849,0883,749,9932,357,24719,963,827
7Cummins Inc.2025Jennifer Rumsey1,533,7506,429,00406,975,65619,905,532
8Agco Corporation2025Eric Hansotia1,400,00013,215,92203,651,20019,657,541
9Caterpillar Inc.2025Joseph Creed1,381,8929,538,4843,101,1172,476,80017,008,077
10Illinois Tool Works Inc.2025Christopher A. O'Herlihy1,337,2715,249,9575,249,9962,702,38915,211,011
11Paccar Inc.2025R. Preston Feight1,690,3854,900,5002,174,4851,326,52112,618,865
12CNH Industrial2025Gerrit Marx1,250,0008,147,75601,509,40011,724,767
—Koninklijke Philips NV——————not in coverage universe
—AB Volvo——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
CNH Industrial80.5%PSU 100Yes — Cumulative Relative Total Shareholder Return (TSR)WTW (Willis Towers Watson)
AB Volvonot disclosednot disclosednot disclosednot disclosed
Agco Corporation163%not disclosedNoKorn Ferry
Caterpillar Inc.118%PSU 50 · RSU 25 · Options 25Yes — relative Total Shareholder Return (rTSR)Meridian Compensation Partners, LLC
Cummins Inc.90%PSU 70 · Cash LTI 30NoFarient
Deere & Company160.8%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC (current); Pearl Meyer & Partners, LLC (prior year)
General Dynamics Corporation177.0%PSU 50 · Options 30 · RSU 20Yes — rTSR (relative Total Shareholder Return)Pay Governance, LLC
Honeywell International plc126%PSU 50 · Options 25 · RSU 25Yes — three-year total shareowner return (TSR) relative to the 2025 Compensation Peer Groupnot disclosed
Illinois Tool Works Inc.not disclosedPSU 50 · Options 50NoMeridian Compensation Partners LLC
Johnson Controls International plc176.6%PSU 50 · Option 25 · RSU 25Yes — TSR Relative to S&P 500 IndustrialsFarient Advisors LLC
Koninklijke Philips NVnot disclosednot disclosednot disclosednot disclosed
Paccar Inc.62.7%not disclosedNoThe Committee typically retains a compensation consultant to assess the competitiveness of the Company's compensation programs every two years. It did not employ a compensation consultant in 2025.
Parker-Hannifin Corporationnot disclosedLTIP Awards 50 · Stock Appreciation Rights 50NoMercer Consulting
Westinghouse Air Brake Technologies Corporation192.8%PSU 60 · RSU 40NoExequity

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-081,426,609,21958,185,461968,29196.08%Passed
20252025-05-121,412,491,64056,503,976994,31296.15%Passed
20232023-04-141,289,956,044146,662,2193,301,21989.79%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-0896.08%a
20252025-05-1296.15%b
20232023-04-1489.79%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)214 : 1
CEO total compensation$11,724,767
Median employee compensation$54,879
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (40 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, James Nickolas. DEF 14A, filed 2026-03-25. Section “Fiscal 2025 Summary Compensation Table”. As printed: 12,334,218. View filing ↗
  • Section 01, Gerrit Marx. DEF 14A, filed 2026-03-25. Section “Fiscal 2025 Summary Compensation Table” · page 35. As printed: 11,724,767. View filing ↗
  • Section 01, Oddone Incisa. DEF 14A, filed 2026-03-25. Section “Fiscal 2025 Summary Compensation Table”. As printed: 5,395,781. View filing ↗
  • Section 01, Francesco Tutino. DEF 14A, filed 2026-03-25. Section “Fiscal 2025 Summary Compensation Table”. As printed: 3,533,571. View filing ↗
  • Section 01, Stefano Pampalone. DEF 14A, filed 2026-03-25. Section “Fiscal 2025 Summary Compensation Table”. As printed: 3,110,098. View filing ↗
  • Section 01, Jay Schroeder. DEF 14A, filed 2026-03-25. Section “Fiscal 2025 Summary Compensation Table”. As printed: 2,171,218. View filing ↗
  • Section 03, Gerrit Marx PSU. DEF 14A, filed 2026-03-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Jay Schroeder PSU. DEF 14A, filed 2026-03-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Jay Schroeder RSU. DEF 14A, filed 2026-03-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, James Nickolas PSU. DEF 14A, filed 2026-03-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Stefano Pampalone PSU. DEF 14A, filed 2026-03-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Francesco Tutino PSU. DEF 14A, filed 2026-03-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-25. Section “CEO Pay Ratio”. As printed: 214 : 1. View filing ↗
  • Section 08, Suzanne Heywood. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 2,527,867. View filing ↗
  • Section 08, Elizabeth Bastoni. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 236,832. View filing ↗
  • Section 08, Howard W. Buffett. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 235,582. View filing ↗
  • Section 08, Vagn Sørensen. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 231,832. View filing ↗
  • Section 08, Richard Kramer. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 231,832. View filing ↗
  • Section 08, Karen Linehan. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 226,832. View filing ↗
  • Section 08, Åsa Tamsons. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 216,832. View filing ↗
  • Section 08, Alessandro Nasi. DEF 14A, filed 2026-03-25. Section “Director Compensation”. As printed: 203,082. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-11. Item 5.07 · say-on-pay result. As reported: 96.08% (votes for as printed: 1,426,609,219). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-12. Item 5.07 · say-on-pay result. As reported: 96.15% (votes for as printed: 1,412,491,640). View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-04-19. Item 5.07 · say-on-pay result. As reported: 89.79% (votes for as printed: 1,289,956,044). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 1,615,000 + equity 2,033,905 + all other 461,786 = 4,110,691, summed across the director compensation table rows.
  • Deere & Company, Section 10b CEO total. DEF 14A, filed 2026-01-14. CEO total compensation as printed in Deere & Company's own proxy. As printed: 27,925,424. View filing ↗
  • Westinghouse Air Brake Technologies Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Westinghouse Air Brake Technologies Corporation's own proxy. As printed: 26,181,461. View filing ↗
  • General Dynamics Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in General Dynamics Corporation's own proxy. As printed: 25,924,082. View filing ↗
  • Parker-Hannifin Corporation, Section 10b CEO total. DEF 14A, filed 2026-09-18. CEO total compensation as printed in Parker-Hannifin Corporation's own proxy. As printed: 22,761,169. View filing ↗
  • Honeywell International plc, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Honeywell International plc's own proxy. As printed: 20,381,435. View filing ↗
  • Johnson Controls International plc, Section 10b CEO total. DEF 14A, filed 2026-01-16. CEO total compensation as printed in Johnson Controls International plc's own proxy. As printed: 19,963,827. View filing ↗
  • Cummins Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Cummins Inc.'s own proxy. As printed: 19,905,532. View filing ↗
  • Agco Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in Agco Corporation's own proxy. As printed: 19,657,541. View filing ↗
  • Caterpillar Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Caterpillar Inc.'s own proxy. As printed: 17,008,077. View filing ↗
  • Illinois Tool Works Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Illinois Tool Works Inc.'s own proxy. As printed: 15,211,011. View filing ↗
  • Paccar Inc., Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Paccar Inc.'s own proxy. As printed: 12,618,865. View filing ↗
  • CNH Industrial (subject), Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in CNH Industrial's own proxy. As printed: 11,724,767. View filing ↗
  • Section 10a, AGCO Corporation reciprocity. DEF 14A. AGCO Corporation names CNH Industrial in its own disclosed peer group (read from its most recent proxy). View filing ↗
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