Navistar Amends Board Agreement

Navistar International Corp. said Monday it has amended agreements with shareholders Carl Icahn and Mark Rachesky, allowing each to designate two nominees to its board of directors.

To allow for an additional director, Jack Pope will retire from the board, effective immediately, leaving nine board members until Navistar’s board meeting in February, when it will nominate 10 directors.

Icahn and Rachesky agreed they will not run a proxy contest at the truck maker’s annual meeting in February 2014, Bloomberg News reported, citing the company. Rachesky was named to Navistar’s board in October.

Navistar, Lisle, Ill., makes International brand trucks and MaxxForce engines.

“We view the updated agreements with Icahn Partners and MHR, as well as the amendment to the rights plan, as positive steps as we continue to execute our turnaround plan and drive the company to restored profitability,” Navistar CEO Troy Clarke said in a statement.