International Truck & Engine Corp. said today that Steve Keate, president of its truck group, has left the company. The company said Daniel Ustian, president & CEO of parent company Navistar International Corp., would head up the truck group for now and for the foreseeable future.
Spokesman Roy Wiley did not elaborate as to whether Keate was fired by International or departed by mutual agreement, saying only that the company does not discuss personnel matters.
Keate joined International in March 1995 as vp and controller. He took over as president of the truck group in July 1999, succeeding Don DeFosset.
At the time, Navistar chairman John Horne credited Keate for improving the profitability and competitiveness of International's heavy-duty trucks.
"Steve's tough mind and collegial style personify the kind of leaders we're developing for the future," Horne said of Keate.
Since then, International's fortunes have been mixed. On the one hand, International has seen its truck sales rise significantly following a $1 billion six-year redesign effort in part handled by Keate.
However, a rise is Class 6 and 8 sales units did not translate into profits. International lost $536 million on $6.8 billion in revenues in 2002, largely from restructuring efforts and plant closings.
That follows losses of $23 million on $6.7 billion in revenue in 2001, compared to net income of $159 million on revenue of $8.5 billion in 2000.