Posted: 9:45 p.m. Thursday, Oct. 10, 2013
Focus On Jobs Springfield
By Matt Sanctis
What’s happened recently for the company
• Courts overruled the EPA’s decision to fine Navistar $1,900 per noncompliant engine for being too lenient and for not notifying all other trucking manufacturers about the option before they complied with emissions standards.
• Created a “poison pill” measure to prevent shareholders from acquiring more than 15 percent of shares after activist investors began buying large amounts of stock
• Navistar announced it would stop using its engine technology and opt to combine it with the after treatment technology of its competitors
• Offered 6,300 salaried employees buyouts as a cost saving measure
• A Securities and Exchange Commission investigation of Navistar’s finances was announced because of concerns about disclosure and accounting
• Navistar CEO Dan Ustian retired and was promptly replaced by Lewis Campbell
• Navistar announced 500 people took the buyout, so about 200 more jobs would be involunrarily cut
• Navistar announced Troy Clarke as its new company president and Chief Operating Officer. Clarke joined Navistar in 2010 after a 35-year career at GM.
• The company received approval from the EPA for Navistar’s big bore engines
• Navistar announced it planned to slash about 500 jobs company-wide, although those cuts were not expected to affect the roughly 900 people who work in Springfield
• Navistar saw its biggest number of new orders for medium and heavy duty trucks since December, 2011.