LISLE, Ill., Feb. 21, 2017 /PRNewswire/ -- Navistar
International Corporation (NYSE: NAV) announced that immediately
following the company's annual shareholder meeting held on
February 14, 2017, its board of
directors elected President and CEO Troy A.
Clarke as chairman. Clarke replaces James H. Keyes, whose retirement was previously
announced, and became effective as of the annual shareholder
meeting. Keyes had served as non-executive chairman of Navistar's
board since April 2013. In addition,
board member General (Retired) Stanley A.
McChrystal was elected as the independent lead director.
"It has been a pleasure to serve on the board for the last four
years, and I am honored to have been elected chairman," said
Clarke. "This is an exciting time for Navistar, as we pursue our
growth strategies highlighted by significant new product launches
and our pending strategic alliance with Volkswagen Truck & Bus.
I look forward to continuing to work with our very dynamic board,
which is focused on the future and supportive of management's
efforts to create a great truck company."
At the company's annual shareholder meeting, stockholders
elected nine incumbent directors to the board of directors;
ratified the selection of KPMG as the company's independent
registered public accounting firm; approved, on an advisory basis,
the compensation of key company executives; and approved a
preferred one year frequency of the advisory vote on executive
compensation.
The director incumbents elected for a one-year term are:
- Troy A. Clarke, a director since
April 2013.
- Jose Maria Alapont, a director
since October 2016, and former
chairman, president and chief executive officer of Federal-Mogul
Corporation.
- Stephen R. D'Arcy, a director
since October 2016, and partner of
Quantum Group LLC.
- Vincent J. Intrieri, a director
since October 2012, and retired
senior managing director of Icahn Capital L.P., the entity through
which Carl C. Icahn manages
investment funds.
- General (Retired) Stanley A.
McChrystal, a director since 2011, and retired 34-year U.S.
Army veteran of multiple wars.
- Samuel J. Merksamer, a director
since December 2012, and a former
managing director of Icahn Capital L.P., the entity through which
Carl C. Icahn manages investment
funds.
- Mark H. Rachesky, M.D., a
director since October 2012, and
co-founder and president of MHR Fund Management LLC, an investment
firm that he founded in 1996.
- Michael Sirignano, a director
since March 2014, and principal at
MHR Fund Management LLC, the entity through which Mark H. Rachesky manages investment funds.
- Dennis A. Suskind, a director
since October 2016, and former
partner of Goldman Sachs & Company.
Additionally, Navistar has one director not elected by
shareholders, but appointed by the United Auto Workers (UAW) union
under an agreement dating back to the early 1990s. The current
appointed director is Dennis D.
Williams, president of the UAW.
About Navistar
Navistar International Corporation
(NYSE: NAV) is a holding company whose subsidiaries and affiliates
produce International® brand commercial and military
trucks, proprietary diesel engines, and IC Bus™ brand
school and commercial buses. An affiliate also provides truck and
diesel engine service parts. Another affiliate offers financing
services. Additional information is available at
www.Navistar.com.
Forward Looking Statements
Information provided and
statements contained in this report that are not purely historical
are forward-looking statements within the meaning of the federal
securities laws. Such forward-looking statements only speak as of
the date of this report and the company assumes no obligation to
update the information included in this report. Such
forward-looking statements include information concerning our
possible or assumed future results of operations, including
descriptions of our business strategy. These statements often
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estimate, or similar expressions. These statements are not
guarantees of performance or results and they involve risks,
uncertainties, and assumptions. For a further description of these
factors, see the risk factors set forth in our filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K for the fiscal year ended October
31, 2016. Although we believe that these forward-looking
statements are based on reasonable assumptions, there are many
factors that could affect our actual financial results or results
of operations and could cause actual results to differ materially
from those in the forward-looking statements. All future written
and oral forward-looking statements by us or persons acting on our
behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to above. Except for our ongoing
obligations to disclose material information as required by the
federal securities laws, we do not have any obligations or
intention to release publicly any revisions to any forward looking
statements to reflect events or circumstances in the future or to
reflect the occurrence of unanticipated events.
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SOURCE Navistar International Corporation