Navistar Reports Smaller 1Q Loss; Names Troy Clarke CEO, James Keyes Chairman
Navistar International Corp. said Thursday that its first-quarter loss declined from a year ago, and it named Troy Clarke its new CEO, replacing Lewis Campbell, who is stepping down.
Clarke, the company’s chief operating officer, will assume the CEO position on April 15, the truck and engine maker said in a statement.
James Keyes, a member of Navistar’s board since 2002, will become the company’s chairman, a position Campbell also holds.
Campbell, who became chairman and CEO in August, will step down from Navistar’s board, the company said.
For its fiscal first quarter ended Jan. 31, Navistar lost $123 million, or $1.53 per share, compared with loss of $153 million, or $2.19, in the same period a year ago. Sales fell to $2.6 billion from $3 billion.
Its truck segment lost $58 million, compared with a loss of $27 million in the year-ago period. The loss “was mainly driven by a decline in traditional truck volumes and $12 million of accelerated depreciation related to the planned closure of the Garland, Texas, facility,” Navistar said.
Its engine segment’s loss declined to $27 million from $120 million a year earlier, due primarily to $83 million in lower charges for pre-existing warranties, $10 million in lower engineering and product development spending and $9 million in cost-reduction initiatives.
