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Editor: John Mortimer
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
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.
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.
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
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
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.
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.
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.
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.”