LISLE, Ill., June 26, 2020 /PRNewswire/ -- Navistar
International Corporation (NYSE: NAV) today announced that its
board of directors has appointed Persio V.
Lisboa president and chief executive officer. Troy A. Clarke, who has held the roles of
Navistar president, chief executive officer and member of the board
of directors since April 2013 and
chairman of the board of directors since February 2017, will continue to serve the company
in the newly created position of executive chairman. These changes
are effective July 1, 2020.
"Now is an ideal time for Persio to become Navistar's next chief
executive officer," said Clarke. "I have enjoyed the opportunity to
lead Navistar for the last seven years, but it's now my intention
to move toward retirement. Persio is a strong leader with a proven
record of driving results. He understands our industry, knows our
business segments and will position the company to capitalize on
the opportunities ahead. He's a champion of our Navistar 4.0
strategy and has an ability to inspire, motivate and connect with
employees, partners, customers and industry leaders. Persio's
performance history is exactly what's required by Navistar as we
transition into our next chapter, one I'm confident will be even
more transformational and exciting than our last."
In Clarke's new role of executive chairman, he will dedicate his
time to ensure a smooth leadership transition and continue to
manage the discussions with TRATON, including its current proposal,
received January 30, 2020, to acquire
Navistar at an offer of $35 per
share. As president and chief executive officer, Clarke spearheaded
Navistar's return to profitability and led the charge on the
refresh of International's vehicle lineup.
Lisboa, 54, joined Navistar in 1988 and has moved through the
company's ranks, serving as executive vice president and chief
operating officer since March 2017.
Prior to that, he served in several positions of increasing
responsibility in the United States and South
America, including president of operations and chief procurement
officer. Lisboa has a Bachelor of Science degree in business
administration with a marketing specialization from Pontificia
Universidade Catolica University in São Paulo, Brazil.
"I am honored and humbled to lead this great organization that
I've been a part of for more than 30 years," stated Lisboa. "On
behalf of our employees, dealers, customers and shareholders, I
want to thank Troy for leading Navistar through a difficult period,
establishing our global alliance with TRATON and returning our
company to growth and profitability."
"Together, the Navistar team and I are committed to delivering
on our Navistar 4.0 strategy," Lisboa added. "We have strong
momentum with our new product programs, including those under
development with TRATON. The execution of our Lean Manufacturing
4.0 vision is on track, and we'll continue to introduce new,
innovative business solutions to our customers, from connectivity
to advanced technologies. I look forward to taking Navistar into
this next phase of our strategy – positioning our brands,
International Truck and IC Bus, as industry leaders."
About Navistar
Navistar International Corporation
(NYSE: NAV) is a holding company whose subsidiaries and affiliates
produce International® brand commercial 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 Statement
Information provided and
statements contained in this release that are not purely historical
are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended
("Securities Act"), Section 21E of the Securities Exchange Act
of 1934, as amended ("Exchange Act"), and the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements only
speak as of the date of this report and Navistar International
Corporation 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 include words such as "believe," "expect,"
"anticipate," "intend," "plan," "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, 2019, which was filed on December 17, 2019,
and our Quarterly Report on Form 10-Q for the period
ended April 30, 2020. 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