Navistar International Corporation
) hardly wasted any time in appointing a new chief financial
officer to replace former CFO Andrew Cederoth. After announcing
on Jun 24 that Cederoth will vacate office at the end of this
month, Navistar announced yesterday that Walter Borst will join
the company as executive vice president and CFO.
Borst served as the chairman, chief executive officer and
General Motors Company
) Asset Management. He was responsible for managing around $85
billion assets related to the GM benefit plans. Borst will join
Navistar from Aug 1, 2013 and will be reporting to Navistar's
president and CEO Troy Clarke.
Navistar expects that this transition will lead to future
profitability and long-term success. The company has changed many
executives this year and this latest transformation comes close
on the heels of the company announcing its second quarter fiscal
Navistar's second-quarter (ended Apr 30, 2013) loss widened to
$353 million or $4.39 per share compared with $137 million or
$1.99 per share (excluding special items) in the year-ago
quarter. Reported loss was also significantly wider than the
Zacks Consensus Estimate of a loss of $1.09 per share.
Revenues declined 22.5% year over year to $2.5 billion in the
quarter, missing the Zacks Consensus Estimate of $2.9 billion.
Navistar has been reorganizing its board constantly. In Mar 2013,
it had promoted Troy Clarke to the new role from being the
president and chief operating officer. The company thereafter
appointed Jack Allen as the executive vice president and chief
Warrenville, Ill-based Navistar manufactures and sells commercial
trucks, mid-range diesel engines, buses, military vehicles and
chassis for motor homes and step-vans. It also provides service
parts for various trucks and trailers. Currently, the company
carries a Zacks Rank #4 (Sell) on its stock.
Some stocks that are performing well in the same industry include
Magna International Inc.
). Both carry a Zacks Rank #1 (Strong Buy).
GENERAL MOTORS (GM): Free Stock Analysis
MAGNA INTL CL A (MGA): Free Stock Analysis
NAVISTAR INTL (NAV): Free Stock Analysis
VISTEON CORP (VC): Free Stock Analysis Report
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