by Christopher Freeburn | March 7, 2013 12:42 pm
Shares of Navistar International (NYSE:NAV) soared more than 24% in Thursday midday trading after the company announced that is has tapped Chief Operating Office Troy Clarke as its new CEO.
The appointment comes as the truck-maker predicted that it will begin to gain market share during the second half of this year. Over the last six months, Navistar trimmed its payroll and sold assets, Reuters noted.
Clarke, a former General Motors (NYSE:GM) executive, succeeds interim CEO Lewis Campbell, who has helmed the company since former CEO Daniel Ustain was ousted in August. Clarke was named CEO by a unanimous vote of the company’s board.
In a conference call with analysts, Campbell noted that the company’s turnaround was progressing. Clarke became Navistar’s COO last year. He was recommended for the top job by Campbell.
The company posted a first-quarter loss of $123 million, down from $153 million during the same period in the prior year. Adjusted EPS showed a loss of $1.42 a share. Analysts were looking for a loss of $1.72 a share. Revenue fell 12% to $2.6 billion compared to last year, disappointing Wall Street, which expected sales of $2.8 billion.
Last year, Navistar negotiated its way out of a proxy battle with billionaire investor Carl Icahn.
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