Navistar’s Ustian Retires; Campbell Takes Over
Navistar International Corp.’s Chairman, President and CEO Daniel C. Ustian has retired from the Lisl, Ill.-based company, effective immediately.
According to a news release, the Navistar board has appointed Lewis B. Campbell, former chairman, president, and CEO of Textron Inc., as executive chairman and interim CEO.
The truck and engine maker 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.
“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 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.
Regarding Ustian’s retirement, Hammes noted, “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.”
Navistar, parent to Monaco RV LLC, has been under fire in the wake of its inability to meet deadlines for new emission standards and a second quarter loss of $172 million. The company is also the target of a formal U.S. Securities and Exchange Commission (SEC) inquiry into accounting and disclosure matters.