Ustian out at Navistar; new president, interim CEO named
Dan Ustian informed the board of directors that he is retiring as chairman, president, and CEO, effective immediately, the Navistar Internation Corp. said Monday. Navistar lost $172 million for the quarter ended April 30, including $104 million in warranty charges related to 2010 emissions standard engines.
The Trucker News Services
LISLE, Ill. — Some six weeks after abandoning his gamble on a high-risk, high-reward engine strategy, Daniel C. Ustian is out at struggling truck and engine maker Navistar International Corp.
Ustian informed the board of directors that he is retiring as chairman, president, and CEO, effective immediately, the company said Monday. He also is leaving the board.
Lewis B. Campbell, former chairman, president, and CEO of Textron Inc., has been named executive chairman and interim CEO.
The company has promoted Troy A. Clarke, currently president of Truck and Engine operations at Navistar, to the position of president and chief operating officer of Navistar.
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Navistar lost $172 million for the quarter ended April 30, including $104 million in warranty charges related to 2010 emissions-standard engines.
"Lewis Campbell is a high-caliber executive who brings to Navistar deep and broad strategic, technical and operational skills and a proven track record of leadership with global industrial companies — including twenty-four years of experience in product design, engineering and manufacturing in General Motors' automotive, trucking and component businesses and seventeen years in senior leadership positions at Textron including more than 10 years as chairman, president and CEO. We are very pleased to have him join the team," said Michael N. Hammes, Navistar's independent lead director. "We are also pleased to promote Troy Clarke to President and COO in recognition of the significant contributions he has made in challenging assignments since joining the company in early 2010. Our Board and management are aligned around a clear path forward, and we are confident that under the leadership of Lewis and Troy, Navistar will make continuing progress in executing its near-term strategic priorities, driving growth and creating shareholder value."
Campbell, 66, served as chairman of Textron Inc., a $12 billion publicly traded industrial company, from 1999 to 2010, CEO from 1998 to 2009 and president for most of the period from 1994 to 2009. Under Campbell's leadership Textron successfully underwent a significant transformation to increase efficiency of operations, consolidate manufacturing facilities, outsource non-core operations and increase new product development, according to the Navistar announcement.
Prior to joining Textron, Campbell spent 24 years at General Motors Co., where he served in a variety of roles including vice president and general manager, Flint Automotive Division for Buick/Oldsmobile/Cadillac, as well as vice president and general manager, GMC Truck.
"At the appropriate time, we will conduct a search for a long-term CEO, which will include internal and external candidates," Campbell said.
Prior to his appointment, Clarke, 57, served as president of the company's Asia Pacific operations. Clarke joined Navistar in January 2010 as senior vice president, strategic initiatives. Previously, Clarke spent more than 35 years with General Motors Co. where he served in a variety of roles, including president of General Motors North America, president and managing director of GM's Mexico operation, vice president of manufacturing and labor relations, and president of GM Asia Pacific.
Navistar International is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, MaxxForce brand diesel engines, IC Bus brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse brand chassis for motor homes and step vans.
Kevin Jones of The Trucker staff can be reached for comment at firstname.lastname@example.org.
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