EXHIBIT 99.1
PRESS RELEASE
[CNH letterhead]
News Release
For Immediate Release
CNH Names Board of Directors
For more Racine, Wisconsin (November 15, 1999) -- CNH (N:CNH),
information contact: the company formed by the merger of Case Corporation
and New Holland, announced its Board of Directors
Bill Masterson today, which includes a number of board members from
1.262.636.5793 the previous companies. The company, which is
incorporated in The Netherlands, began trading on
Jeffrey T. Walsh the New York Stock Exchange today as CNH.
44.181.479.8809
The nine-member board includes: Pei-yuan Chia, former
vice chairman, Citicorp and Citibank, N.A.; Alfredo
Diana, formerly the Italian Minister of Agriculture;
Katherine M. Hudson, president and chief executive
officer, Brady Company; Kenneth Lipper, chairman,
Lipper and Company, LP; James L.C. Provan, member of
the European Parliament; Paolo Cantarella, chief
executive officer, Fiat S.p.A.; Damien Clemont, chief
financial officer, Fiat S.p.A.; Jean-Pierre Rosso,
chairman and chief executive officer, CNH; and
Umberto Quadrino, co-chairman of CNH.
"We are pleased to have a very strong board that
demonstrates the company's commitment to creating
exceptional value for our shareholders," said Jean-
Pierre Rosso, CNH chairman and chief executive
officer. "With a broad range of background and
experience, this Board will provide outstanding
leadership and counsel as we move forward."
CNH Board Members' Backgrounds
Chia served as a director of Case Corporation since
1997. He was previously vice chairman of Citicorp,
and its principal subsidiary, Citibank, N.A., between
1994 and 1996. Diana previously served as a director
of New Holland. Diana holds the following positions,
president of the Italian Federation of Cavalieri del
Lavoro; Italian governor of the International
Foundation of Agricultural Development; and president
of the National Council for Forests and Wood.
Hudson has served as a director of Case Corporation
since March 1996. She is president and chief
executive officer of Brady Company, a manufacturer of
coated and industrial identification products. Lipper
previously served as a director of New Holland since
October 1996. He is the chairman of Lipper and
Company, LP, a privately held investment management
and banking firm. Provan served as a director of New
Holland since April 1996. He is a member of the
European Parliament, where he has served on the
Agricultural and Rural Affairs Committee and the
Transport and Tourism Committee.
Cantarella served as a director of New Holland since
April 1996. He is the chief executive officer of the
Fiat Group. Clermont has been chief financial officer
of Fiat since July 1999. He also served as senior
vice president, Planning and Strategy of Fiat.
Rosso also serves as chief executive officer of CNH.
Prior to his position with CNH, Rosso served as
chairman and chief executive officer of Case
Corporation since June 1994. Quadrino previously held
the position of chairman, president and chief
executive officer and was a director of New Holland
since September 1996.
With strong global brands, CNH is a leader in the
agricultural equipment, construction equipment and
financial services industries and had combined 1998
revenues of approximately $12 billion. 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 largest
equipment finance companies in the world. Based in
the United States, CNH has operations in 16 countries
and sells its products in 160 markets through a
network of more
than 10,000 dealers and distributors. CNH products
are sold under the following brands: Case, Case IH,
Fermec, Fiatallis, Fiat-Hitachi, Link-Belt, New
Holland, O&K and Steyr.
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