"Paolo has the industry, management and operational experience to enable us to maintain our momentum and to continue to achieve improved financial performance," said Jean-Pierre Rosso, chairman and chief executive officer. "This appointment enables us to continue to focus on enhancing shareholder value as we aggressively strive to improve the success and profitability of our customers."

Monferino, 53, had been executive vice president of the Fiat Group with responsibility for Fiat's Automotive Components and Industrial Diversified companies. He has over fifteen years of experience in the agricultural and construction business beginning at Fiatallis, a joint-venture between Fiat's construction equipment business and Allis Chalmers based in the U.S. In 1983, he was named chief executive officer of Fiatallis Latin American operations based in Brazil. In 1985, he was appointed chief operating officer of Fiatallis. Monferino became the chief operating officer of Fiatagri, the farm machinery division of the Fiat Group in 1987. Following the 1991 acquisition of Ford New Holland by Fiat Geotech and the creation of New Holland, Monferino was named executive vice president of the new company headquartered in London where his responsibilities covered strategy and business development, including product, marketing and industrial policies.

Monferino received his degree in Mechanical Engineering from the Polytechnic of Turin in 1971.

"We thank Steve Lamb for his leadership, dedication and commitment to our business. We wish him every success in the future," Rosso said.

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.