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Oct. 8, 2012 /PRNewswire/ -- Navistar International Corporation (NYSE: NAV) today announced that
Vincent J. Intrieri and
Mark H. Rachesky have been appointed to the company's Board of Directors. The company also agreed to add a third director to the Navistar Board, who will be designated and mutually agreed upon by Icahn Partners and its affiliated entities ("Icahn") and MHR Fund Management LLC and its affiliated entities ("MHR").
Mr. Intrieri and Dr. Rachesky will replace Mr.
Eugenio Clariond and Mr.
Steven J. Klinger, who have agreed to retire from the Navistar Board of Directors. The mutually agreed upon third director will also replace an existing Navistar director. The three new directors will stand for election at the company's 2013 Annual Meeting of Shareholders. The Board will remain at ten members so long as either Icahn or MHR continues to have a designee on the Board.
"We are pleased to have reached an agreement with Icahn and MHR as we believe it is in the best interest of the company and all of its shareholders," said
Michael N. Hammes, Navistar's independent lead director.
Lewis B. Campbell, Navistar's chairman and chief executive officer, said, "Vince and Mark will provide meaningful shareholder representation on the Board, and we welcome their insights and look forward to working with them constructively as we continue to execute on our plan to drive long-term profitability and deliver shareholder value. On behalf of the Board, I would also like to thank Eugenio and Steven for their contributions and service to Navistar during their time as directors."
Mr. Icahn stated, "I am glad to have reached an agreement that provides strong shareholder representation on the Board and look forward to working diligently with the Board to enhance value at Navistar."