LISLE, Ill. (AP) — Heading off a proxy war, heavy truck and engine company Navistar is adding a colleague of activist investor Carl Icahn and a former protege of his to its board.
Navistar International Corp. said Monday that Mark Rachesky and Vincent Intrieri are now board members. Intrieri works for Icahn Capital LP. Rachesky runs MHR Fund Management LLC, a hedge fund that increased its stake in Navistar over the summer. Icahn and Rachesky each own a nearly 15 percent stake in Navistar.
The Lisle, Ill., company will add one more new director, to be approved by both Icahn and Rachesky, to its board.