Navistar Names Ustian CEO

(Provided) Daniel C. Ustian

Navistar International Corp. named Daniel C. Ustian new chief executive officer of the heavy-duty truck maker, following its annual meeting. He will replace John R. Horne, Navistar's current CEO.

Ustian, who had been the Warrenville, Ill. truck maker's president and chief operating officer, will officially take over as CEO on Feb. 19, 2003, the company said.

Navistar said that the COO position would not be filled.

The move ends a seven-year run as CEO by Horne, who assumed the position in 1995. Horne will remain with the company in the role of chairman of the board, a position he already holds.

(Provided) John R. Horne

Ustian joined Navistar in 1973 and has held several positions in the company’s agricultural, truck and engine groups. He was elected president of the engine group in July 1999 and he became president and COO in April.

"I have worked with Dan for many years, and he is absolutely the right person to lead us into the future," Horne said. "His track record, including his role in the growth of our engine business and the development of stronger relationships with Ford Motor Company and other key customers and partners, convinces me that he will make the most of the company's many opportunities.”

Navistar said Dec. 3 that it had steep losses in the fourth quarter and fiscal year (Click here for related coverage.). For the final three months of fiscal 2002, Navistar said it had a net loss of $460 million or $7.58 per share. For all of fiscal 2002, the company had losses of $536 million.

Among the challenges the company cited as impacting its 2002 results were negotiations with the United Auto Workers in the United States, a strike by the Canadian Auto Workers and shortages of Class 8 engines.

(Click here for the full press release.)