Navistar Appoints Persio V. Lisboa President And Chief Executive Officer

LISLE, Ill., June 26, 2020

"Now is an ideal time for Persio to become Navistar's next chief executive officer," said Clarke. "I have enjoyed the opportunity to lead Navistar for the last seven years, but it's now my intention to move toward retirement. Persio is a strong leader with a proven record of driving results. He understands our industry, knows our business segments and will position the company to capitalize on the opportunities ahead. He's a champion of our Navistar 4.0 strategy and has an ability to inspire, motivate and connect with employees, partners, customers and industry leaders. Persio's performance history is exactly what's required by Navistar as we transition into our next chapter, one I'm confident will be even more transformational and exciting than our last."

In Clarke's new role of executive chairman, he will dedicate his time to ensure a smooth leadership transition and continue to manage the discussions with TRATON, including its current proposal, received January 30, 2020, to acquire Navistar at an offer of $35 per share. As president and chief executive officer, Clarke spearheaded Navistar's return to profitability and led the charge on the refresh of International's vehicle lineup.

Lisboa, 54, joined Navistar in 1988 and has moved through the company's ranks, serving as executive vice president and chief operating officer since March 2017. Prior to that, he served in several positions of increasing responsibility in the United States and South America, including president of operations and chief procurement officer. Lisboa has a Bachelor of Science degree in business administration with a marketing specialization from Pontificia Universidade Catolica University in São Paulo, Brazil.

"I am honored and humbled to lead this great organization that I've been a part of for more than 30 years," stated Lisboa. "On behalf of our employees, dealers, customers and shareholders, I want to thank Troy for leading Navistar through a difficult period, establishing our global alliance with TRATON and returning our company to growth and profitability."

"Together, the Navistar team and I are committed to delivering on our Navistar 4.0 strategy," Lisboa added. "We have strong momentum with our new product programs, including those under development with TRATON. The execution of our Lean Manufacturing 4.0 vision is on track, and we'll continue to introduce new, innovative business solutions to our customers, from connectivity to advanced technologies. I look forward to taking Navistar into this next phase of our strategy – positioning our brands, International Truck and IC Bus, as industry leaders."