Navistar International named GM executive Walter Borst to replace CFO Andrew Cederoth.
Walter Borst will report to Navistar Chief Executive Troy Clarke, a former GM colleague, who took the top jobs three months ago. Borst will replace Cederoth, who has been Navistar’s CFO since 2009 and who will leave the company by the end of this month.
“Clarke’s been assembling his own team for the last few quarters, and this is just part of that process,” Jefferies & Co analyst Stephen Volkmann said.
This is not the only management change Navistar has made over the past months. Ten months ago the company ousted CEO Daniel Ustian, due to the failure with the radical new diesel engine technology, which did not win regulatory approval, forcing the company to source engines from rival Cummins Inc. earlier this month Navistar reported a big quarterly loss due to sluggish sales and higher warranty costs, as it moves to a more conventional, engine technology.
“(Borst) has proven himself … at one of the world’s largest vehicle manufacturers, all of which makes him the right person to lead our financial operations and functions going forward,” Clarke said.