LISLE, Ill. Mon Aug 27, 2012 – Navistar International Corp. CEO Daniel Ustian is retiring, and former Textron Inc. executive Lewis Campbell will replace him immediately as interim CEO, the truck and engine maker said on Monday.
The company, which is struggling to win U.S. regulatory approval for a new generation of diesel engines, also named Troy Clarke as president and chief operating officer. Clarke is currently Navistar’s president of truck and engine operations.
Shares of Navistar, which had shed nearly half of their value in the last six months, rose 3.6 percent to $23.81 in morning New York Stock Exchange trading.
“Lewis Campbell is a high-caliber executive who brings to Navistar deep and broad strategic, technical and operational skills and a proven track record of leadership with global industrial companies,” said Michael Hammes, Navistar’s independent lead director.
Campbell, 66, was Textron’s CEO from 1998 to 2009. He previously spent 24 years at General Motors Co. in various executive roles.
For much of the past year, Navistar has been trying to win approval from the U.S. Environmental Protection Agency for a new diesel engine technology that would lower emissions of nitrogen oxide, a pollutant linked to asthma, without using urea.