Navistar Names New CFO as Management Revamp Continues
Stock Chart for Navistar International Corp (NAV)
Navistar International Corp. (NAV) named a new finance chief as Chief Executive Officer Troy Clarke revamps his management team.
Walter Borst, 51, was named chief financial officer. He had been chief executive officer of General Motors Co.’s GM Asset Management unit. Clarke, who became CEO earlier this year, is also a former GM executive. Borst replaces Andrew Cederoth, whose departure was announced earlier this week.
Navistar is trying to end losses. The Lisle, Illinois-based truckmaker ousted Dan Ustian as CEO in August after an inquiry from regulators about its accounting and disclosures. Lewis Campbell, a former CEO of Textron Inc. (TXT), took the helm as interim head of the company before yielding to Clarke.
Navistar also installed Jack Allenas chief operating officer in April.
The company’s shares rose 2.1 percent to $27.99 at the close in New York. Navistar have surged 29 percent this year, compared with a 13 percent rise for the Russell 1000 Index.
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