Navistar International Corp. today announced that James Keyes and Michael Hammes will be retiring from the company’s Board of Directors.
“On behalf of the Board, I would like to thank Jim and Mike for their contributions and service to Navistar during their time served on the Board of Directors,” said Troy Clarke, president and chief executive officer, Navistar. “They both played a critical role over the last few years in supporting the leadership team as we successfully worked through our turnaround.”
Keyes and Hammes will leave the Board at the completion of the share issuance to Volkswagen Truck & Bus or at Navistar’s 2017 Annual Meeting of Stockholders, whichever comes first.
Keyes has served as non-executive chairman of Navistar International Corporation since April 2013. He has been a member of the Board since December 2002.
Hammes has served on the Board since February 1996 and served as lead director of the company from December 2007 to April 2013.
Also on Tuesday, Navistar announced that it has formed a wide-ranging strategic alliance with Volkswagen Truck & Bus, which includes an equity investment in Navistar by Volkswagen Truck & Bus and framework agreements for strategic technology and supply collaboration and a procurement joint venture.
The agreements expected to be entered into in connection with the alliance will enable Navistar to offer customers expanded access to leading-edge products and services through collaboration on technology and the licensing and supply of Volkswagen Truck & Bus’s products and components, while better optimizing its product development spend. The alliance will also strengthen Navistar’s liquidity position. In addition, the procurement joint venture is expected to leverage the purchasing power of Volkswagen Truck & Bus’s three major truck brands, Scania, MAN and Volkswagen Caminhões e Ônibus, in addition to Navistar’s own International and IC Bus brands, providing Navistar with enhanced global scale.