Navistar names new CEO; Clarke becomes executive chairman

Navistar International announced Friday that Persio V. Lisboa will become president and chief executive officer, effective July 1.

Lisboa will replace Troy A. Clarke, who has been at the helm of the Lisle-based truck manufacturer since 2013. Clark will move to the newly created position of executive chairman, the company said in a release.

Company officials said Clarke will focus his time on managing the merger bid from Volkswagen's heavy truck subsidiary Traton SE, which made an offer to acquire the company in January for approximately $35 per share in an all-cash deal.

Lisboa, 54, joined Navistar in 1988 and has been executive vice president and chief operating officer since March 2017. Prior to that, he served in several positions in its U.S. and South America operations, including president of operations and chief procurement officer.

"Persio is a strong leader with a proven record of driving results," Clarke said. "He understands our industry, knows our business segments and will position the company to capitalize on the opportunities ahead."

Lisboa takes the helm during a rocky time for the manufacturer. The company, which produces the International brand of commercial trucks, the IC Bus brand school and commercial buses and a line of diesel engines, has been dogged by decreased global demand during the past year. The company last December said it would reduce employment by 10% and cut its 2020 revenue forecast to a range of $9.25 billion to $9.75 billion, below analysts' lowest estimate.

VW's merger bid is aimed at reducing the German automaker's reliance on its Traton division in Europe and South America.

Lisboa has a Bachelor of Science degree in business administration with a marketing specialization from Pontificia Universidade Catolica de São Paulo in Brazil.