Companies CNH Industrial
CNH Industrial (CNH): executive pay, fiscal 2025
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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
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 officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| James Nickolas | $574,327 | $0 | $10,295,719 | $0 | $730,500 | $0 | $733,672 | $12,334,218 |
| CFO | ||||||||
| Gerrit Marx | 1,250,000 | 468,518 | 8,147,756 | 0 | 1,509,400 | 0 | 349,093 | 11,724,767 |
| CEO | ||||||||
| Oddone Incisa | 308,490 | 0 | 0 | 0 | 0 | 0 | 5,087,291 | 5,395,781 |
| Former CFO | ||||||||
| Francesco Tutino | 361,600 | 0 | 2,725,798 | 0 | 393,014 | 0 | 53,159 | 3,533,571 |
| CHRO | ||||||||
| Stefano Pampalone | 679,232 | 0 | 1,397,811 | 0 | 438,224 | 0 | 594,831 | 3,110,098 |
| CCO | ||||||||
| Jay Schroeder | 543,975 | 0 | 1,253,308 | 0 | 297,200 | 0 | 76,735 | 2,171,218 |
| 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| James Nickolas | $12,334,218 | — | — | — |
| Gerrit Marx | 11,724,767 | 19,497,596 | — | ↓ −7,772,829 |
| Oddone Incisa | 5,395,781 | 3,293,752 | 3,994,950 | ↑ +2,102,029 |
| Francesco Tutino | 3,533,571 | — | — | — |
| Stefano Pampalone | 3,110,098 | 2,162,063 | 2,408,013 | ↑ +948,035 |
| Jay Schroeder | 2,171,218 | — | — | — |
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 consultant | WTW (Willis Towers Watson) |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Gerrit Marx | PSU | 2025-06-13 | 220,408 | 734,694 | — | 1,469,388 | $8,147,756 |
| Jay Schroeder | PSU | 2025-06-13 | 12,429 | 41,431 | 20,407 | 82,862 | 777,242 |
| Jay Schroeder | RSU | 2025-03-11 | — | — | 39,247 | — | 476,066 |
| James Nickolas | PSU | 2025-06-13 | 50,763 | 169,210 | 744,567 | 338,420 | 10,295,719 |
| Stefano Pampalone | PSU | 2025-06-13 | 22,353 | 74,511 | 36,700 | 149,022 | 1,397,811 |
| Francesco Tutino | PSU | 2025-06-13 | 17,808 | 59,361 | 161,820 | 118,722 | 2,725,798 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Gerrit Marx | $0 | $8,147,756 | $0 | 100.0% |
| Jay Schroeder | 476,066 | 777,242 | 0 | 62.0% |
| James Nickolas | 0 | 10,295,719 | 0 | 100.0% |
| Stefano Pampalone | 0 | 1,397,811 | 0 | 100.0% |
| Francesco Tutino | 0 | 2,725,798 | 0 | 100.0% |
% 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
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Jay Schroeder | PSU | 6,692 | — | $61,700 |
| Jay Schroeder | RSU | 8,500 | — | 78,370 |
| Jay Schroeder | PSU | 8,500 | — | 78,370 |
| Jay Schroeder | PSU | 11,096 | — | 102,305 |
| Jay Schroeder | RSU | 11,523 | — | 106,242 |
| Jay Schroeder | RSU | 20,407 | — | 188,153 |
| Stefano Pampalone | RSU | 26,895 | — | 247,972 |
| Stefano Pampalone | PSU | 32,841 | — | 302,794 |
| Jay Schroeder | PSU | 34,491 | — | 318,007 |
| Stefano Pampalone | RSU | 36,700 | — | 338,374 |
| Jay Schroeder | PSU | 39,247 | — | 361,857 |
| Jay Schroeder | PSU | 41,431 | — | 381,994 |
| Stefano Pampalone | PSU | 54,605 | — | 503,458 |
| Francesco Tutino | PSU | 59,361 | — | 547,308 |
| Stefano Pampalone | PSU | 66,676 | — | 614,753 |
| Stefano Pampalone | PSU | 74,511 | — | 686,991 |
| Jay Schroeder | RSU | 90,773 | — | 836,927 |
| Jay Schroeder | PSU | 91,114 | — | 840,071 |
| Stefano Pampalone | RSU | 96,436 | — | 889,140 |
| Francesco Tutino | RSU | 134,609 | — | 1,241,095 |
| James Nickolas | PSU | 169,210 | — | 1,560,116 |
| Stefano Pampalone | PSU | 195,792 | — | 1,805,202 |
| Gerrit Marx | PSU | 494,012 | — | 4,554,791 |
| Gerrit Marx | RSU | 494,012 | — | 4,554,791 |
| Gerrit Marx | PSU | 734,694 | — | 6,773,879 |
| James Nickolas | RSU | 744,567 | — | 6,864,908 |
| Gerrit Marx | PSU | 788,092 | — | 7,266,208 |
| Gerrit Marx | PSU | 1,522,786 | — | 14,040,087 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Suzanne HeywoodIndependent · Board Chair | $500,000 | $1,566,081 | — | — | $461,786 | $2,527,867 |
| Elizabeth BastoniIndependent | 170,000 | 66,832 | — | — | 0 | 236,832 |
| Howard W. BuffettIndependent | 168,750 | 66,832 | — | — | 0 | 235,582 |
| Vagn SørensenIndependent | 165,000 | 66,832 | — | — | 0 | 231,832 |
| Richard KramerIndependent | 165,000 | 66,832 | — | — | 0 | 231,832 |
| Karen LinehanIndependent | 160,000 | 66,832 | — | — | 0 | 226,832 |
| Åsa TamsonsIndependent | 150,000 | 66,832 | — | — | 0 | 216,832 |
| Alessandro NasiIndependent · Audit · Compensation · Nominating/Governance · Risk · Technology · Finance · ESG · Executive | 136,250 | 66,832 | — | — | 0 | 203,082 |
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
| Component | FY2025 |
|---|---|
| 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
- AGCO CORP /DEAGCOFY2025
- Bunge Global SABGFY2025
- SHYFT GROUP, INC.SHYFFY2024
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Deere & Company | 2025 | John May | $1,694,507 | $13,950,239 | $4,255,133 | $5,450,551 | $27,925,424 |
| 2 | Westinghouse Air Brake Technologies Corporation | 2025 | Rafael Santana | 1,400,000 | 20,027,022 | — | 4,724,580 | 26,181,461 |
| 3 | General Dynamics Corporation | 2025 | Phebe Novakovic | 1,737,500 | 12,539,634 | 5,220,445 | 5,729,000 | 25,924,082 |
| 4 | Parker-Hannifin Corporation | 2026 | Jennifer Parmentier | 1,537,500 | 7,586,898 | 7,841,940 | 4,539,822 | 22,761,169 |
| 5 | Honeywell International plc | 2025 | Vimal Kapur | 1,600,000 | 10,866,269 | 3,623,914 | 3,516,800 | 20,381,435 |
| 6 | Johnson Controls International plc | 2025 | Joakim Weidemanis | 825,000 | 12,849,088 | 3,749,993 | 2,357,247 | 19,963,827 |
| 7 | Cummins Inc. | 2025 | Jennifer Rumsey | 1,533,750 | 6,429,004 | 0 | 6,975,656 | 19,905,532 |
| 8 | Agco Corporation | 2025 | Eric Hansotia | 1,400,000 | 13,215,922 | 0 | 3,651,200 | 19,657,541 |
| 9 | Caterpillar Inc. | 2025 | Joseph Creed | 1,381,892 | 9,538,484 | 3,101,117 | 2,476,800 | 17,008,077 |
| 10 | Illinois Tool Works Inc. | 2025 | Christopher A. O'Herlihy | 1,337,271 | 5,249,957 | 5,249,996 | 2,702,389 | 15,211,011 |
| 11 | Paccar Inc. | 2025 | R. Preston Feight | 1,690,385 | 4,900,500 | 2,174,485 | 1,326,521 | 12,618,865 |
| 12 | CNH Industrial | 2025 | Gerrit Marx | 1,250,000 | 8,147,756 | 0 | 1,509,400 | 11,724,767 |
| — | 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
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| CNH Industrial | 80.5% | PSU 100 | Yes — Cumulative Relative Total Shareholder Return (TSR) | WTW (Willis Towers Watson) |
| AB Volvo | not disclosed | not disclosed | not disclosed | not disclosed |
| Agco Corporation | 163% | not disclosed | No | Korn Ferry |
| Caterpillar Inc. | 118% | PSU 50 · RSU 25 · Options 25 | Yes — relative Total Shareholder Return (rTSR) | Meridian Compensation Partners, LLC |
| Cummins Inc. | 90% | PSU 70 · Cash LTI 30 | No | Farient |
| Deere & Company | 160.8% | PSU 50 · RSU 25 · Options 25 | No | Semler Brossy Consulting Group, LLC (current); Pearl Meyer & Partners, LLC (prior year) |
| General Dynamics Corporation | 177.0% | PSU 50 · Options 30 · RSU 20 | Yes — rTSR (relative Total Shareholder Return) | Pay Governance, LLC |
| Honeywell International plc | 126% | PSU 50 · Options 25 · RSU 25 | Yes — three-year total shareowner return (TSR) relative to the 2025 Compensation Peer Group | not disclosed |
| Illinois Tool Works Inc. | not disclosed | PSU 50 · Options 50 | No | Meridian Compensation Partners LLC |
| Johnson Controls International plc | 176.6% | PSU 50 · Option 25 · RSU 25 | Yes — TSR Relative to S&P 500 Industrials | Farient Advisors LLC |
| Koninklijke Philips NV | not disclosed | not disclosed | not disclosed | not disclosed |
| Paccar Inc. | 62.7% | not disclosed | No | The 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 Corporation | not disclosed | LTIP Awards 50 · Stock Appreciation Rights 50 | No | Mercer Consulting |
| Westinghouse Air Brake Technologies Corporation | 192.8% | PSU 60 · RSU 40 | No | Exequity |
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 year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-08 | 1,426,609,219 | 58,185,461 | 968,291 | 96.08% | Passed |
| 2025 | 2025-05-12 | 1,412,491,640 | 56,503,976 | 994,312 | 96.15% | Passed |
| 2023 | 2023-04-14 | 1,289,956,044 | 146,662,219 | 3,301,219 | 89.79% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-08 | 96.08%a |
| 2025 | 2025-05-12 | 96.15%b |
| 2023 | 2023-04-14 | 89.79%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 ↗