NAVISTAR: Possible new problems!

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JerArdra

Well-known member
Joined
Mar 3, 2005
Posts
1,814
Forbes magazine in their November 5, 2012 issue (pages 44-48) had an article titled "Lying with Numbers" and at the the very end of the article Forbes had the following comments regarding Navistar.

Navistar had some accounting problems that led to it being delisted from the NYSE for 16 months during 2007 and 2008.  Daniel Ustian, the CEO during that period, agreed with the SEC to pay back $1.3 million in incentive pay but continued to run the company until this past August, when Navistar suffered a big loss and disclosed that the SEC was again questioning its accounting at which point he took a sudden retirement.

JerryF

 

Ken & Sheila

Site Team
Joined
Mar 5, 2005
Posts
3,822
Location
S Dakota
It appears that Ustain is just bad news. Hopefully Navistar will be a better company with him gone. I hope the Board Of Directors does not give him a large severance package as has become common for CEOs that screw up a company.
 
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