Navistar Names New CFO as Management Revamp Continues

[kscarbel]

Bloomberg / June 28, 2013

Navistar named a new finance chief as Chief Executive Officer Troy Clarke revamps his management team.

Walter Borst, 51, was named chief financial officer. He had been chief executive officer of General Motors Co.’s GM Asset Management unit. Clarke, who became CEO earlier this year, is also a former GM executive. Borst replaces Andrew Cederoth, whose departure was announced earlier this week.

Navistar is trying to end losses. The Lisle, Illinois-based truckmaker ousted Dan Ustian as CEO in August after an inquiry from regulators about its accounting and disclosures. Lewis Campbell, a former CEO of Textron Inc., took the helm as interim head of the company before yielding to Clarke.

[kscarbel]

This amounts to former General Motors car guy CEO Troy Clarke hiring more of his out-of-work car guy buddies from General Motors. These are all the people that GM tossed when they ran tight on money (they kept the good people).

As Zenon Hansen might say, "Navistar needs to despense with these car people and get some others who know something about trucks".

___________________________________

When legendary former Mack Trucks CEO Zenon C.R. Hansen arrived in Allentown for the 1986 U.S. Savings Bond kickoff reception in the Hamilton Plaza Hotel, most curiosity surrounded Hansen's involvement with Mack rather than U.S. Savings Bonds. He was asked, flatly, if he was brought to Allentown as an adviser for Mack management.

"As a matter of fact, I'm back here for the American Truck Foundation directors meeting," Hansen said. "It's founded here in Allentown, and they contribute to Lehigh Valley charities and the American Truck Hall of Fame and the Truck Historical Society."

But Hansen wasn't afraid to openly discuss Mack's recent problems.

"All I know is that I had a very fine relationship when I was in Allentown with Mack employees. They were absolutely super, and also with the Mack union (United Auto Workers).

"I have a very concrete (truck) background to compare with - the directors who were running the company before I came (in 1965). We dispensed with those directors and got others who knew something about trucks.

[Red Horse]

This amounts to former General Motors car guy CEO Troy Clarke hiring more of his out-of-work car guy buddies from General Motors. These are all the people that GM tossed when they ran tight on money (they kept the good people).

As Zenon Hansen might say, "Navistar needs to despense with these car people and get some others who know something about trucks".

___________________________________

When legendary former Mack Trucks CEO Zenon C.R. Hansen arrived in Allentown for the 1986 U.S. Savings Bond kickoff reception in the Hamilton Plaza Hotel, most curiosity surrounded Hansen's involvement with Mack rather than U.S. Savings Bonds. He was asked, flatly, if he was brought to Allentown as an adviser for Mack management.

"As a matter of fact, I'm back here for the American Truck Foundation directors meeting," Hansen said. "It's founded here in Allentown, and they contribute to Lehigh Valley charities and the American Truck Hall of Fame and the Truck Historical Society."

But Hansen wasn't afraid to openly discuss Mack's recent problems.

"All I know is that I had a very fine relationship when I was in Allentown with Mack employees. They were absolutely super, and also with the Mack union (United Auto Workers).

"I have a very concrete (truck) background to compare with - the directors who were running the company before I came (in 1965). We dispensed with those directors and got others who knew something about trucks.

Interesting observation. Amazing how the "new broom" surrounds himself with people he is comfortable with. Can't say that is a bad thing-unless "new broom" doesn't have that good a feel himself for the job at hand.