Navistar Appoints John Grigsby to Its Board as Former Governor Celeste Takes Post in India
23 December 1997
Navistar Appoints John Grigsby to Its Board as Former Governor Celeste Takes Post in India
CHICAGO, Dec. 23 -- Navistar International Corporation
announced John T. Grigsby, Jr., former chairman and chief
executive officer of Allis-Chalmers Corporation, has joined the board of
directors effective December 9, 1997.
Grigsby replaces Richard Celeste, former governor of Ohio, who served on
the board since 1993 and resigned recently to take a position as ambassador to
India. Grigsby will serve on the public policy and audit committees of
Navistar. The number of board members is unchanged at 14.
"We are delighted that John is joining the board, bringing his wealth of
relevant industry experience and special expertise in finance to Navistar as
we continue to improve our overall competitiveness," said John R. Horne,
Navistar chairman, president and chief executive officer. "At the same time,
we are indebted to ambassador Celeste for his service. We wish him well in
his new opportunity."
Grigsby, 57, is currently chief executive officer of Super Shops, Inc., an
automotive aftermarket retail chain with 163 stores in 31 states; president
and chief executive of Rose Auto Stores-Florida, an auto parts retailer;
president of John Grigsby and Associates, Inc., a consulting firm; and
president of Thomson McKinnon Securities Inc, an investment banking firm.
Prior to this, Grigsby assisted a number of companies, providing advice in
restructuring and reorganizing.
In 1987, for example, Grigsby joined Allis-Chalmers as managing director,
playing a key role in development of their restructuring strategy. He was
elected to the position of chairman and chief executive officer in 1988. In
that capacity, he led the farm machinery maker through post-bankruptcy
proceedings.
Grigsby has been chairman of Navistar's supplemental retiree trust
committee since its inception in 1993. The supplemental retiree trust was
established in 1993 to supplement Navistar retirees' health care and life
insurance benefits. It is funded by common stock and profit sharing. Under
the agreement, the trust has the right to elect two directors to the Navistar
board as long as it holds at least 20 percent of the company's common stock.
Simultaneous with his appointment to the board, Grigsby resigned as chairman
of the supplemental trust committee.
Grigsby serves as member of the board of directors of Allis-Chalmers
Corporation, First Southern Bank and First Florida Industries.
Grigsby received his bachelor of arts from Duke University, Durham, North
Carolina, in 1966 and has pursued graduate studies in finance at the Wharton
School of the University of Pennsylvania, in Philadelphia. He resides in
Breckenridge, Co.
Navistar International Corporation, with world headquarters in Chicago and
annual sales of $6.4 billion, is the leading North American producer of heavy
and medium trucks and school buses. Navistar maintained its position as the
sales leader in the combined United States and Canadian retail markets for
medium and heavy trucks and school buses through the fiscal year, achieving a
28.6 percent share, which is 1.1 percentage points higher than a year ago.
The company also is a worldwide leader in the manufacture of mid-range diesel
engines which are produced in the range of 160 to 300 horsepower.
SOURCE Navistar International Corporation