BREAKING: Navistar CEO steps down; interim replacement named
LISLE, Ill. — Navistar has appointed Lewis B. Campbell, former chairman, president, and CEO of Textron, as executive chairman of the board of directors and interim CEO for the company. Daniel C. Ustian has informed the board that he is retiring as chairman, president, and CEO, effective immediately. He is concurrently leaving the Board of Directors. The company also announced that it has promoted Troy A. Clarke, currently president of truck and engine operations at Navistar, to the position of president and COO of Navistar.
The announcement comes shortly after the company’s decision to change gears with its engine platform, adding selective catalytic reduction exhaust aftertreatment to its engine line after originally committing itself to achieving EPA2010 emissions standards using only advanced exhaust gas recirculation.
“Lewis Campbell is a high-calibre 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 24 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.”
Hammes added: “We appreciate Dan’s many contributions and accomplishments during his 37-year career at Navistar. Under his leadership, Navistar’s revenue grew from approximately $7.7 billion to approximately $14 billion as the company significantly expanded its global reach and diversified its product portfolio, including the addition of Navistar’s military business. We thank Dan for his dedicated service and wish him all the best in the future.”
“I am honoured to join the board of Navistar in the new role of executive chairman and to serve as CEO,” Campbell said. “I look forward to working with Navistar’s strong leadership team and talented employees, as we continue to take steps to provide dealers and customers with best-in-class products, enhance the company’s competitive position, and build on Navistar’s platform for generating profitable growth. At the appropriate time, we will conduct a search for a long-term CEO, which will include internal and external candidates.”
Campbell, 66, served as chairman of Textron, 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. Prior to joining Textron, Campbell spent 24 years at General Motors, where he served in a variety of roles including vice-president and general manager for the company’s Flint Automotive Division for Buick/Oldsmobile/Cadillac, as well as vice-president and general manager for GMC Truck. Campbell holds a B.S. in mechanical engineering from Duke University.
Campbell currently serves on the Board of Directors of Bristol-Myers Squibb Company, where he has been lead independent director since 2008. He is also a member of the board of directors of Sensata Technologies Holding N.V. and the board of trustees of Noblis, a not-for-profit science, technology and strategy organization.
Prior to his appointment as president of truck and engine operations at Navistar, Clarke, 57, served as president of the company’s Asia Pacific operations. Clarke joined Navistar in January 2010 as senior vice-president of strategic initiatives. Previously, Clarke spent more than 35 years with General Motors 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 labour relations, and president of GM Asia Pacific. He has a B.S. in mechanical engineering from General Motors Institute, as well as an M.B.A. from the University of Michigan.
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