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Published in House and Home on Tuesday, February 15th 2011 at 13:45 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
WARRENVILLE, Ill.--([ BUSINESS WIRE ])--Navistar International Corporation (NYSE: NAV) announced that shareholders at the companya™s annual meeting today soundly supported the companya™s compensation practices and rejected a proposal submitted by the International Brotherhood of Teamsters to require shareholder approval for certain future severance agreements with senior executives.
"Navistar shareholders had their say today regarding the companya™s executive pay practices and we believe it is clear that they overwhelmingly approve of our management, directors and executive compensation practices"
The companya™s board of directors had recommended shareholders vote against the Teamsters proposal because it believes the proposal would limit the companya™s ability to provide areasonable severance benefits to a very limited group of senior executivesa after certain events, including a change of control of the company. Less than 32 percent of the shares cast were in favor of the Teamsters proposal and over 68 percent of the shares were voted against the Teamsters proposal.
Shareholders at the meeting also re-elected three incumbent directors for additional three year terms. They are:
John D. Correnti, a director since 1994 and chairman and chief executive officer of Steel Development Company, LLC, a steel mill operational and development company.
James H. Keyes, a director since 2002 and retired chairman of the board of Johnson Controls, Inc., an automotive system and facility management and control company.
Daniel C. Ustian, a director since 2002 and chairman, president and chief executive officer of Navistar International Corporation.
In another display of the shareholdersa™ validation and support of the companya™s compensation policies, results from the annual meeting show over 94 percent of shareholders voting approve of Navistara™s executive compensation.
aNavistar shareholders had their say today regarding the companya™s executive pay practices and we believe it is clear that they overwhelmingly approve of our management, directors and executive compensation practices,a Ustian said.
Shareholders also approved an amendment to the companya™s restated articles of incorporation to increase the number of authorized shares from 110,000,000 to 220,000,000, ratified KPMG LLP as the companya™s independent registered public accounting firm for fiscal 2011 and voted in favor of an annual advisory vote on executive compensation. No other proposals were presented for action and approximately 90 percent of all the outstanding common shares of Navistar were voted at todaya™s meeting.
About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Busa" brand school and commercial buses, Monaco® RV brands of recreational vehicles, and Workhorse® brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at [ www.Navistar.com/newsroom ].
