JEAN-PIERRE ROSSO TO RETIRE AS CHAIRMAN OF CNH; KATHERINE HUDSON TO BECOME NON-EXECUTIVE CHAIRMAN
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Lake Forest, Illinois (April 8, 2004) CNH Global N.V. (NYSE:CNH) announced today that Jean-Pierre Rosso has elected to retire from the company on the occasion of the company's Annual Shareholders Meeting of April 26, 2004. Mr. Rosso has served as director and chairman of the board of CNH since the merger of Case and New Holland in November 1999, and was its CEO in the first year following the merger. Mr. Rosso had served as chief executive officer of Case Corporation from 1994 to 1999, leading that company's IPO in June 1994, and assuming the additional role of chairman of the board in 1995.
CNH also announced that Katherine Hudson will be nominated as the company's new non-executive chairman at the next Board of Directors meeting, also scheduled for April 26, 2004. Ms. Hudson joined the Case Corporation board in 1995, and has been a member of the CNH board since the merger. She was president and chief executive officer of Brady Corporation from 1994 until April 2003 and then served as chairman of the board until her retirement in November 2003.
"Jean-Pierre has been a far-sighted leader, a brilliant example of energy, wisdom and dedication to CNH and we wish him the best in his retirement," Paolo Monferino, CNH president and chief executive officer, said.
"Kathy has shown invaluable judgment in providing direction in these eventful years of service as an independent director of the CNH Board since the merger of Case and New Holland and we are all very pleased that she is ready to accept this new challenge in her outstanding career. She also served as the chair of our Audit Committee."
Following this change, CNH will continue to have a Board of Directors with a majority of independent directors and will continue the policy of the board's independence with Katherine Hudson serving as the new non-executive chairman.
CNH is the power behind leading agricultural and construction equipment brands of the Case and New Holland brand families. Supported by 12,000 dealers in approximately 160 countries, CNH brings together the knowledge and heritage of its brands with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. More information about CNH and its products can be found on line at www.cnh.com.