- Push-out Score determined
- After around seven years in the position
- Praise and thanks for Clarke
- Persio Lisboa taking over
- Clarke will remain as executive chairman at Navistar
- Clarke said 120 words
(exechange) — Lisle, Illinois, June 26, 2020 — Troy Clarke, chief executive of Navistar, leaves his position. As announced by Navistar International Corp. in a news release and in a regulatory filing published on Friday, June 26, 2020, Troy A. Clarke leaves his post as chief executive officer at the U.S. truck maker after around seven years in the role, effective July 1, 2020.
Troy Clarke’s duties as CEO will be taken over by Persio V. Lisboa, currently chief operating officer of Navistar International Corp.
“An ideal time”
Troy Clarke’s departure from the CEO post is explained as follows. Clarke said: “Now is an ideal time for Persio to become Navistar’s next chief executive officer.”
Clarke will remain as executive chairman at Navistar
“Troy A. Clarke, who has held the roles of Navistar president, chief executive officer and member of the board of directors since April 2013 and chairman of the board of directors since February 2017, will continue to serve the company in the newly created position of executive chairman. These changes are effective July 1, 2020,” Navistar said.
Navistar said: “On June 23, 2020, the Board of Directors (the “Board”) of Navistar International Corporation, a Delaware corporation (the “Company”), appointed Persio V. Lisboa as President and Chief Executive Officer (collectively “CEO”) of the Company effective July 1, 2020 upon the expiration of the Company’s CEO Employment and Services Agreement with Troy A. Clarke and Mr. Clarke’s assumption of the newly created executive officer position of Executive Chairman.”
Share price decline
The announcement follows a decline in Navistar International Corp.’s share price of 2% since June 2015.
In the position of CEO since 2013
Troy Clarke became CEO of the Company in 2013.
In Clarke’s new role of executive chairman, he will dedicate his time to ensure a smooth leadership transition and continue to manage the discussions with Traton, including its current proposal, received January 30, 2020, to acquire Navistar at an offer of $35 per share.
Clarke, age 65, has served as President and Chief Executive Officer and as member of the Board since April 2013, and as Chairman of the Board since February 2017.
While continuing to serve as executive Chairman of the Board, Clarke’s primary role as Executive Chairman will be to ensure a smooth leadership transition in supporting Lisboa and to manage certain strategic business discussions.
Clarke has served as President and Chief Executive Officer of Navistar since April 2013.
Prior to this position, Clarke served as President and Chief Operating Officer of Navistar since August 2012, as President of the Truck and Engine Group of Navistar, Inc. from June 2012 to August 2012, as President of Asia-Pacific Operations of Navistar, Inc. from 2011 to 2012, and as Senior Vice President of Strategic Initiatives of Navistar, Inc. from 2010 to 2011.
Prior to joining Navistar, Inc., Clarke held various positions at General Motors Company, including President of General Motors North America from 2006 to 2009 and President of General Motors Asia Pacific from 2003 to 2006.
Over the course of his career with GM, he held several additional leadership roles, including President and Managing Director of GM de Mexico and Director of Manufacturing for GM de Mexico.
Clarke received a bachelor’s degree in engineering from the General Motors Institute in 1978 and a master’s degree in business administration from the University of Michigan in 1982.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Navistar and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 26.2020 ($).