Navistar names Persio Lisboa as CEO

(Reuters) – Navistar International Corp named insider Persio Lisboa as its chief executive officer, effective July 1, the U.S. truck maker said on Friday.

Lisboa, a 32-year veteran with the company, is currently chief operating officer and executive vice president. He succeeds Troy Clarke, who will move to the newly created role of executive chairman.

Clarke will continue to manage talks with Volkswagen’s truck division Traton SE , including its buyout offer in January to acquire Navistar for $35 per share, the company said.

Volkswagen said in March it still wants to buy out Navistar, but added that the coronavirus crisis will require the carmaker to conserve cash as it shuts down plants and throttles back production.

(Reporting by Shreyasee Raj in Bengaluru; Editing by Shailesh Kuber)