Equipment Type

Navistar Chairman Pays the Price

Navistar Chief Executive Dan Ustian is retiring immediately, on the heels of the company's second quarter loss of $172 million and a long-term gamble on technology that didn't meet 2010 emissions standards.

August 27, 2012

Navistar Chief Executive Dan Ustian is retiring immediately, on the heels of the company's second quarter loss of $172 million and a long-term gamble on technology that didn't meet 2010 emissions standards.

The Chicago Tribune reports that investors' call for a new leader reached a crescendo this month, when Navistar said it had made a deal to buy engines from a competitor to meet 2010 standards. The company also disclosed it is the target of a Securities and Exchange Commission investigation "related to certain accounting and disclosure matters."

Navistar named Lewis Campbell, 66, interim chief executive. Campbell is a former chief executive at Texron, and also spent 24 years at General Motors.

 
 

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