Following Navistar’s annual shareholder meeting on Feb. 14, its board of directors elected President and CEO Troy A. Clarke as chairman. Clarke will replace James H. Keyes, whose retirement was previously announced.
The decision is effective immediately.
“It has been a pleasure to serve on the board for the last four years, and I am honored to have been elected chairman,” said Clarke. “This is an exciting time for Navistar, as we pursue our growth strategies highlighted by significant new product launches and our pending strategic alliance with Volkswagen Truck and Bus. I look forward to continuing to work with our very dynamic board, which is focused on the future and supportive of management’s efforts to create a great truck company.”
At the company’s annual shareholder meeting, stockholders elected nine incumbent directors to the board of directors; ratified the selection of KPMG as the company’s independent registered public accounting firm; approved, on an advisory basis, the compensation of key company executives; and approved a preferred one year frequency of the advisory vote on executive compensation.
The director incumbents elected for a one-year term are: Troy A. Clarke, a director since April 2013; Jose Maria Alapont, a director since October 2016; Stephen R. D’Arcy, a director since October 2016; Vincent J. Intrieri, a director since October 2012; General (Retired) Stanley A. McChrystal, a director since 2011; Samuel J. Merksamer, a director since December 2012; Mark H. Rachesky, M.D., a director since October 2012; Michael Sirignano, a director since March 2014; and Dennis A. Suskind, a director since October 2016.
Additionally, Navistar has one director not elected by shareholders, but appointed by the United Auto Workers (UAW) union under an agreement dating back to the early 1990s. The current appointed director is Dennis D. Williams, president of the UAW.