Friday, 28 August 2015

Bill McMenamin takes finance helm at Navistar

Bill McMenamin has become senior vice president and treasurer of Navistar International replacing Jim Moran.

Jim Moran no doubt has seen a great many of the happenings within the financing and accounting organization of Navistar International Corporation in his 10-year tenure.

His period for some years overlapped that of Daniel Ustian who famously was chairman of Navistar from February 2004 until, just three years ago, on 27 August 2012, he abruptly retired. Ustian was president and chief executive officer from 2003 and a director from 2002.

Since then, Troy Clarke effectively has been ‘picking up the pieces’, so to speak, and putting the company back on a business footing along with the help of Cummins' SCR (selective catalytic reduction) technology, components and resources.

Ustian is, of course, largely blamed for convincing the company to spend hundreds of millions of dollars on non-compliant exhaust gas recirculation (EGR) technology that did not receive EPA certification and which led directly to a catalogue of business errors, including high warranty costs, US government fines, widespread retrofits, brand damage and loss of market share.

Moran no doubt has had an insight into many of the background events of those Ustian years and the subsequent follow-up; so should he ever come to write him memoirs, he could shed light on some of those events.

His place is being taken by Bill McMenamin, president of Navistar Financial Corporation (NFC), who now will add responsibilities as senior vice president and treasurer of the company as Moran leaves Navistar “to pursue other career opportunities”.

McMenamin joined Navistar in 2001 as director of corporate finance and has held roles of increasing responsibility at NFC, Navistar’s wholly-owned finance subsidiary, including vice president of strategy, vice president of credit, chief financial officer and treasurer, as well as president of NFC.

Prior to joining Navistar, McMenamin served as the chief financial officer of the Advanced Group, a privately held human resources services company. Earlier in his career, McMenamin worked at Continental Bank and Ernst & Whinney.

Moran joined Navistar in 2005 following a 16-year career at R.R. Donnelley & Sons Company. Moran held roles of increasing responsibility at Navistar including director of corporate finance, vice president and assistant treasurer, and senior vice president and treasurer.

“Jim has been a valuable contributor to Navistar and the Finance & Accounting organization over the past 10 years, and we wish him well in his future endeavors,” said Walter Borst, Navistar executive vice president and chief financial officer. “At the same time, we’re proud to have Bill add this role to his NFC responsibilities. He is a technically skilled, highly collaborative financial executive that has a track record of success at NFC and will contribute a wealth of experience and knowledge to his new role.”

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