Icahn Urges Navistar Board to Let Shareholders Appoint Board Members

Carl Icahn, billionaire investor, is asking Navistar International to let shareholders appoint at least four board members, so that stockholders can have more of a say in the decision-making process, the Associated Press reported.

Icahn said in a letter on Sunday that he continues to be concerned about Navistar's future and will proceed with a lawsuit and proxy fight if necessary.

Icahn owns about 15 percent of Navistar outstanding shares.

He said the company's board should have consulted its four large shareholders, including him, on recent management changes.

The Navistar board responded by saying “"Navistar maintains an ongoing dialogue with its shareholders, and appreciates their input and views.  As such, after a year of dialogue, we are extremely disappointed that Mr. Icahn has chosen to pursue his unproductive tactics of threats, attacks and disruption rather than continuing constructive engagement, particularly at this important time for Navistar.  Rest assured, the Board and management have a clear path forward and are focused on executing on their plan and delivering value to shareholders."