My wife and I actually finalized an offer on a home here in the area over the past weekend. So as they say in poker, I am all in. Look, there's no doubt that we have as some would say some really big boulders in the stream. But as you can imagine, I did plenty of due diligence. And while there are a host of issues that need to be resolved, there was nothing I felt was unsurmountable when deciding whether or not to pursue this opportunity. In fact, regarding the issues we face, I was pleasantly surprised how well the experiences and sometimes scars I received at GM and Textron have prepared me to tackle the challenges we face. And on the positive side, what I learned in this due diligence process is that we have a strong management team with good operations, great products and a strong dealer network. I think we can all agree that Navistar is a great company. I believe that Troy Clarke is the perfect choice to be our President and Chief Operating Officer.
I was also pleasantly surprised when I got here to find out that Troy and A.J. and their teams had already begun work on each of the critical issues we face. And we are already finalizing a strong 18-month operating plan that we'll be putting in place throughout the balance of Q4, and I believe we'll have the proper metrics, including ROIC, put in place to help ensure our success. But I do believe we have to accelerate the pace of progress on the improvements needed so that we can quickly resume our rightful place as a profitable leader in the industry.
Let me emphasize that North American truck engine and parts are our core businesses. They will get the lion's share of focus for the foreseeable future. And while the fundamentals of the plan are there, we need to sharpen our focus so our plans become a reality.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts