Navistar names Icahn managing director to board
LISLE, Ill. (AP) — Navistar has named Icahn Capital managing director Samuel J. Merksamer as a board member.
The appointment is part of an agreement that Navistar reached with Icahn Partners and MHR Fund Management LLC. The Lisle, Ill., company previously appointed Vincent Intrieri of Icahn Capital and Mark Rachesky, who runs MHR Fund, as board members.
Intrieri and Rachesky were named to Navistar's board in October to head off a possible proxy fight involving their investment firms. Icahn Capital and MHR Fund hold minority stakes in Navistar, which makes trucks and buses.
Merksamer replaces Diane Gulyas who retired after three years as a director. He will stand for election at Navistar's annual shareholders meeting in 2013.
Navistar International Corp.'s board still has 10 members.
The company's shares gained 62 cents, or 2.9 percent, to $22.12 in morning trading on Wednesday. The stock has declined 41 percent in the year to date.