Lisle-based Navistar International Corporation appointed Samuel J. Merksamer, managing director at Icahn Capital LP, to the company's board of directors.
He replaces Diane Gulyas, who retired after serving three years as a board member. The appointment maintains the total number of Navistar board members at 10, nine of whom are independent. Merksamer is the third board member appointed under an agreement Navistar made with activist investor Carl Icahn, whose Icahn Partners and its affiliated entities own a minority stake in the company. Mark Rachesky and Vincent Intrieri were appointed to the board in October.
"We welcome Sam to the board and we look forward to his insights as we continue to execute on our plan to drive long-term profitability and deliver shareholder value," said Lewis B. Campbell, Navistar's chairman and chief executive officer. "On behalf of the Board, I would also like to thank Diane for her contributions and service to Navistar during her time as a director."
Merksamer is a managing director at Icahn Capital LP, where he has served since 2008. He is responsible for identifying, analyzing and monitoring investment opportunities and portfolio companies for Icahn Capital. Merksamer serves as a director of Viskase Companies, Inc., American Railcar Industries Inc., Federal-Mogul Corporation and CVR Energy, Inc. and he served on the board of directors of Dynegy Inc. from March 2011 through September 2012. From 2003 until 2008, He was an analyst at Airlie Opportunity Capital Management, a hedge fund management company, where he focused on high yield and distressed investments. Mr. Merksamer received an A.B. in Economics from Cornell University in 2002.
Merksamer will stand for election at the company's 2013 annual meeting of shareholders.Copyright © 2014 Paddock Publications, Inc. All rights reserved.