CNH ANNOUNCES EXECUTIVE TRANSITION
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Lake Forest, Illinois (February 2, 2005) - CNH Global N.V. (NYSE: CNH) announced today that President and Chief Executive Officer Paolo Monferino will leave CNH effective February 28, 2005. He will become Chief Executive of Iveco S.p.a., the lead company of Fiat Group's Commercial Vehicle Sector.
The Board of Directors of CNH Global has appointed Harold Boyanovsky as interim Chief Executive Officer. Boyanovsky has been President, Construction Equipment Business for CNH since September, 2002, and has almost 40 years of experience with CNH and two of its predecessor companies.
"Paolo Monferino has led the successful integration of the Case and New Holland agricultural and construction businesses while extensively renewing the company's product lines and restoring profitability," said Katherine M. Hudson, Chairman of the Board, CNH. "With the merger activity now behind us, he can begin his new challenge with the knowledge that he built a solid platform for growth and future success at CNH. We will miss him, and we wish him well.
"We're fortunate to be able to call on Harold Boyanovsky as interim Chief Executive Officer," Hudson continued. "Harold began his career with International Harvester in 1966, and he has extensive knowledge of the agricultural and construction equipment industries, having led both worldwide businesses for CNH. His unwavering focus on the customer will keep CNH on its path to industry leadership."
Monferino will remain on the CNH Board of Directors following his transition to Iveco. Boyanovsky will continue as President of the CNH Construction Equipment Business while serving as interim Chief Executive Officer of CNH. The CNH Board will review its options for a permanent replacement of the chief executive.
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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.