Navistar International said today that its board named a new CEO, promoting its current chief operating officer as the company mulls a takeover offer from Volkswagen's truck unit.
Persio V. Lisboa will take over July 1 as president and CEO, the company said, succeeding current Chairman and CEO Troy Clarke, who will become executive chairman, a newly created role.
Clarke "will dedicate his time to ensure a smooth leadership transition and continue to manage the discussions with Traton, including its current proposal, received Jan. 30, 2020, to acquire Navistar at an offer of $35 per share," Lisle-based Navistar said.
Traton currently owns 17 percent of Navistar.
"Now is an ideal time for Persio to become Navistar's next chief executive officer," Clarke, 65, said in a statement. "I have enjoyed the opportunity to lead Navistar for the last seven years, but it's now my intention to move toward retirement. Persio is a strong leader with a proven record of driving results."
Lisboa, 54, has been with Navistar since 1988.
"I am honored and humbled to lead this great organization that I've been a part of for more than 30 years," he said in the statement. "On behalf of our employees, dealers, customers and shareholders, I want to thank Troy for leading Navistar through a difficult period, establishing our global alliance with Traton and returning our company to growth and profitability."
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