Lecomte Named CFO, French Resigns

In addition, Michel Lecomte, 51, has been named chief financial officer and president, financial services, of CNH, replacing Ted R. French, who resigned.

"Ted was instrumental in Case's success as a public company and in the development of the integration plan for CNH," Rosso said. "He has elected to pursue new challenges, and we are fortunate to have Michel join our management team. His considerable international business experience, which includes financial services, will be an asset for the company."

Lecomte will also serve as chairman of CNH Capital. Following the resignation of Andrew E. Graves as president of CNH Capital, Lecomte is assuming the responsibilities of president on an interim basis, until a replacement for Graves is named.

Management Background

Monferino has more than 15 years of experience in the agricultural and construction business beginning in the U.S. with Fiatallis, a joint venture between Fiat's construction equipment business and Allis Chalmers. In 1983, he was named chief executive officer of Fiatallis Latin American operations, based in Brazil, and was appointed chief operating officer of Fiatallis in 1985. In 1987, Monferino became chief operating officer of Fiatagri, the farm machinery division of the Fiat Group. 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. He oversaw the integration of the Ford New Holland and Fiat Geotech businesses, with specific responsibility for strategy and business development, including product, marketing and industrial policies. From 1996 to 2000, he was executive vice president of the Fiat Group with responsibility for Fiat's Automotive Components and Industrial Diversified companies.

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

Lecomte joins CNH from Iveco, a sector of Fiat Group, where he served as chief financial officer since 1996. In this position, he was also chief executive officer of Transolver, Iveco's financial services business. From 1989 to 1996, Lecomte served as chief financial officer of France-based Framatome Group. He was also chief financial officer of CertainTeed Corporation in the U.S. from 1984 to 1989.

Lecomte received a business masters degree in 1971 from Hautes Etudes Commercials in France. French, 45, has been president, financial services, and chief financial officer for CNH, since November 1999. He had been in a similar role with Case Corporation since 1992. French joined Case in 1989, as vice president corporate planning and development. Graves, 41, was named to his position in November 1999, having been president of Case Capital since June 1998. He began with Case in 1994 as vice president, Latin America.

With strong global brands, CNH is a leader in the agricultural equipment, construction equipment and financial services industries and had combined 1999 revenues of approximately $11 billion. CNH 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 earth-moving equipment, New Holland, New Holland Construction, O&K and Steyr.