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Navistar CEO Dan Ustian quits, replaced by former Textron boss Lewis Campbell

Navistar CEO Dan Ustian resigned today, effective immediately. His interim replacement is former Textron boss Lewis Campbell.

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A Navistar truck on display during final round play in the Navistar LPGA Classic at the Robert Trent Jones Golf Trail in Prattville, Alabama. (Dave Martin/AFP/Getty Images)

Troubled heavy truck and engine maker Navistar International Corp said today chairman and chief executive Dan Ustian had quit, ending a 37-year career with the company, the Associated Press reported. 

Navistar has appointed former Textron CEO Lewis Campbell as interim boss, the company said in a statement.

"I look forward to working with Navistar's strong leadership team and talented employees, as we continue to take steps to provide dealers and customers with best-in-class products, enhance the Company's competitive position and build on Navistar's platform for generating profitable growth," Campbell said in the statement.

"At the appropriate time, we will conduct a search for a long-term CEO, which will include internal and external candidates."

Investors have been calling for Ustian to step down after a difficult year for Navistar, according to the Chicago Tribune.

Reuters reported the company has struggled to win US approval for an alternative pollution-reduction technology. Its shares have fallen 39 percent since the start of the year. 

As Navistar's bottom line sank deeper into the red, Ustian changed course this month and announced the company would adopt a pollution-reduction system used by the rest of the truck industry.

Compounding its problems, Navistar revealed this month it was the subject of another US Securities and Exchange Commission investigation into “accounting and disclosure matters.”

It also forecast an adjusted third-quarter pre-tax loss of $80 million to $115 million and withdrew its full-year guidance.

More from GlobalPost: Navistar International target of SEC investigation into accounting issues
 

 

 

 

http://www.globalpost.com/dispatch/news/regions/americas/united-states/120827/navistar-ceo-dan-ustian-Textron-Lewis-Campbell