CNH SHAREHOLDERS ELECT THREE TO BOARD OF DIRECTORS
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Lake Forest, IL (March 27, 2003) The shareholders of CNH Global N.V. (NYSE:CNH) have elected three new board members in today's extraordinary general meeting held at the company's registered offices in the Netherlands. The newly elected members are: Giuseppe Morchio, chief executive officer of Fiat S.p.A., Ferruccio Luppi, chief financial officer of Fiat S.p.A., and, Bruno Cova, general counsel of Fiat S.p.A. The new members fill the vacancies left by the resignations of Gabriele Galateri, Damien Clermont, and Alessandro Barberis.
Giuseppe Morchio joined the Pirelli Group in 1980, holding a number of key positions including vice president, manufacturing, quality, and logistics for Pirelli Tire Worldwide before becoming the CEO of the Group's operations, first in Spain, and subsequently in North America. After taking over Pirelli's Worldwide Cable operations in 1993 he quickly refocused the business and restored it to profitability. By leveraging on new telecom optical technologies he repositioned the Pirelli Group. In February 2003, Morchio joined the Fiat Group as chief executive officer.
Ferruccio Luppi joined the IFIL Group in 1984, where he was responsible for the Group's Development and Control Department. In 1997, Luppi moved to the Worms Group, a publicly traded investment holding company, where he was named as the chief operating officer and was elected to the board the following year. In 2002 Luppi joined the Fiat Group as chief financial officer.
Bruno Cova joined the international law firm of Frere Cholmeley, where he worked in the firm's London and Milan offices. In 1992 he joined Agip S.p.A. becoming general counsel of Agip following its merger with Eni S.p.A. Cova left Agip to serve as chief compliance officer at the European Bank for Reconstruction and Development. In 2001 he joined the Fiat Group as senior vice president and general counsel. He chairs the Corporate Counsel Committee of the International Bar Association.
CNH is the number one manufacturer of agricultural tractors and combines in the world, the third largest maker of construction equipment, and has one of the industry's largest equipment finance operations. Revenues in 2002 totaled $10 billion. Based in the United States, CNH's network of dealers and distributors operates in over 160 countries. CNH agricultural products are sold under the Case IH, New Holland and Steyr brands. CNH construction equipment is sold under the Case, FiatAllis, Fiat Kobelco, Kobelco, New Holland, and O&K brands. Visit us at www.cnh.com