Daniel Ustian

Last updated

Daniel C. Ustian was the chairman of Navistar, Inc. beginning in 2004, president and chief executive officer beginning in 2003, and a director beginning in 2002 until his release in 2012. Before serving in these positions, he was president and chief operating officer from 2002 to 2003 and president of the Engine Group of Navistar, Inc. from 1999 to 2002. He also held the position of group vice president and general manager of Engine & Foundry from 1993 to 1999. An alum of DePaul University, he was a director of Monaco Coach Corporation and a member of the Business Roundtable, Society of Automotive Engineers and the American Foundry Society.

Contents

Compensation

While CEO of Navistar International in 2008, Daniel Ustian earned a total compensation of $6,642,747, which included a base salary of $1,170,833, a cash bonus of $2,589,500, stocks granted of $2,775,216, and no options. [1]

Retirement

Daniel Ustian abruptly retired as president, executive chairman, and CEO of Navistar International on August 27, 2012. Lewis B. Campbell immediately stepped in to replace him as chairman and interim CEO. [2] Ustian is largely blamed for convincing the company to spend hundreds of millions of dollars on the unproven and noncompliant exhaust gas recirculation (EGR) technology. EGR did not receive EPA certification, which led to governmental fines, high warranty costs, widespread retrofits, brand damage and loss of marketshare. [3] Since Ustian's departure, the company has struggled to return to profitability. Navistar has also undergone two rounds of lay-offs -- one in August/September 2012 and another in August/September 2013. [4]

On March 31, 2016, the Securities and Exchange Commission filed suit against Ustian in the U.S. District Court for Northern Illinois, citing a "campaign of deception" regarding the company's ultimately unsuccessful 2010 emissions compliance strategy. [5] [6] As of August 2018, the SEC suit against Ustian continued to move forward. [7]


Related Research Articles

<span class="mw-page-title-main">Caterpillar Inc.</span> American construction-equipment manufacturer

Caterpillar Inc., also known as Cat, is an American construction, mining and other engineering equipment manufacturer. The company is the world's largest manufacturer of construction equipment. In 2018, Caterpillar was ranked number 73 on the Fortune 500 list and number 265 on the Global Fortune 500 list. Caterpillar stock is a component of the Dow Jones Industrial Average.

Peregrine Systems, Inc. was an enterprise software company, founded in 1981, that sold enterprise asset management, change management, and ITIL-based IT service management software. Following an accounting scandal and bankruptcy in 2003, Peregrine was acquired by Hewlett-Packard in 2005. Micro Focus which merged with the HP Software Division in 2017, later marketed the Peregrine products as part of its IT Service Management solutions. Micro Focus was acquired by OpenText in 2023.

<span class="mw-page-title-main">Navistar</span> American industrial company

Navistar International Corporation is an American holding company created in 1986 as the successor to International Harvester. Navistar operates as the owner of International-branded trucks and diesel engines. The company also produces buses under the IC Bus brand. On July 1, 2021, Navistar became an independent subsidiary of Traton.

<span class="mw-page-title-main">Exelon</span> American utility company

Exelon Corporation is a public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.

<span class="mw-page-title-main">Northern Trust</span> American financial services company

Northern Trust Corporation is an American financial services company headquartered in Chicago, Illinois that caters to corporations, institutional investors, and ultra high net worth individuals. Northern Trust is one of the largest banking institutions in the United States and one of the oldest banks in continuous operation. As of June 30, 2022, it had $1.7 trillion in assets under management and $17 trillion in assets under custody. Northern Trust Corporation is incorporated in Delaware.

<span class="mw-page-title-main">TD Ameritrade</span> American online broker

TD Ameritrade was a stockbroker that offered an electronic trading platform for the trade of financial assets. The company was founded in 1975 as First Omaha Securities. In 2006, it acquired the United States operations of TD Waterhouse from Toronto-Dominion Bank and was renamed TD Ameritrade. In 2020, TD Ameritrade was acquired by Charles Schwab Corporation.

<span class="mw-page-title-main">Options Clearing Corporation</span> Financial services business

Options Clearing Corporation (OCC) is a United States clearing house based in Chicago. It specializes in equity derivatives clearing, providing central counterparty (CCP) clearing and settlement services to 16 exchanges. It was started by Wayne Luthringshausen and carried on by Michael Cahill. Its instruments include options, financial and commodity futures, security futures, and securities lending transactions.

<span class="mw-page-title-main">Dover Corporation</span> American industrial conglomerate corporation

Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under "DOV." Dover was ranked 445 in the 2023 Fortune 500. The company relocated its headquarters to Illinois from New York in mid-2010.

<span class="mw-page-title-main">Ulta Beauty</span> American beauty store chain

Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high-end and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.

Richard C. Breeden is a former chairman of the U.S. Securities and Exchange Commission, hedge fund manager, and corporate chairman.

Lewis B. Campbell is the former interim CEO of Navistar International Corporation and the former CEO of Textron. He received a BSE from Duke University in 1968. After graduation, he began his career at the Inland Manufacturing Division of General Motors in Dayton, Ohio as a Product Engineer for Ice Cube Trays.

<span class="mw-page-title-main">Littelfuse</span> American electronic manufacturing company

Littelfuse, Inc. is an American electronics manufacturing company headquartered in Chicago, Illinois. The company primarily produces circuit protection products (fuses) but also manufactures a variety of switches, automotive sensors and, through its subsidiary Zilog, microprocessors. Littelfuse was founded in 1927. In addition to its Chicago, Illinois, world headquarters, Littelfuse has more than 40 sales, distribution, manufacturing and engineering facilities in the Americas, Europe and Asia. Littelfuse is the developer of AutoFuse, the first blade-type automotive fuse.

Gregory Q. Brown is an American businessman. He has been chairman and chief executive officer of Motorola Solutions since 2008.

<span class="mw-page-title-main">Roanoke Building</span> United States historic place

11 South LaSalle Street Building or Eleven South LaSalle Street Building is a Chicago Landmark building that is listed on the National Register of Historic Places and that is located at 11 South LaSalle Street in the Loop community area of Chicago, Illinois, United States. This address is located on the southeast corner of LaSalle and Madison Street in Cook County, Illinois, across the Madison Street from the One North LaSalle Building. The building sits on a site of a former Roanoke building that once served as a National Weather Service Weather Forecast official climate site and replaced Major Block 1 after the Great Chicago Fire. The current building has incorporated the frontage of other buildings east of the original site of Major Block 1.

Adtalem Global Education Inc. is a US corporation based in Chicago, Illinois, that operates several for-profit higher education institutions, including American University of the Caribbean School of Medicine, Chamberlain University, EduPristine, Ross University School of Medicine, Ross University School of Veterinary Medicine, and Walden University.

Stephen J. Hemsley is chair of the board and former chief executive officer of UnitedHealth Group Inc.

Huron Consulting Group, commonly known as Huron, is a management consulting firm offering services to the healthcare, life sciences, commercial, and higher education industries.

<span class="mw-page-title-main">R1 RCM</span> U.S. healthcare company

R1 RCM Inc. is an American 'revenue cycle management' company servicing hospitals, health systems and physician groups across the United States.RCM is the process of managing all revenue-generation functions in a healthcare organization. It requires an understanding of the revenue cycle and begins when a patient seeks the organization's medical services and ends when the organization has collected all payments from the patient and/or their insurer. R1 has over 1,000 clients across the United States, including hospitals, health systems, and physician groups. R1 RCM employs more than 27,200 people and generates approximately $2.1 billion in annual revenue.

<span class="mw-page-title-main">Terrence A. Duffy</span> American businessman (born 1958)

Terrence A. Duffy is an American businessman. He is the chairman and chief executive officer of CME Group, a derivatives marketplace based in Chicago, Illinois.

Michael L. Tipsord is the chairman of the board of State Farm Insurance in Bloomington, Illinois. Tipsord replaced Edward B. Rust Jr. as chairman on September 1, 2015. State Farm is the 42nd largest company in the United States on the Fortune 500 and the country’s largest auto and home insurer.

References

  1. ↑ 2008 CEO Compensation for Daniel C. Ustian [ permanent dead link ], Equilar.com
  2. ↑ "Navistar CEO Ustian Retiring Immediately". Chicago Tribune. August 27, 2012. Retrieved September 6, 2012.
  3. ↑ Muller, Joann. "Death by Hubris? The Catastrophic Decision That Could Bankrupt a Great American Manufacturer". Forbes.
  4. ↑ "Navistar to cut hundreds of jobs by September". Chicago Tribune. August 9, 2013.
  5. ↑ "Securities and Exchange Commission v. Daniel Ustian, Civil Action No. 16-cv-3885 (U.S. District Court for the Northern District of Illinois)". U.S. Securities and Exchange Commission. March 31, 2016. Retrieved 23 July 2019.
  6. ↑ Micah Maidenberg (March 31, 2016). "SEC: Former Navistar CEO covered up failed engine technology". Crain's Chicago Business. Crain Communications, Inc. Retrieved 23 July 2019.
  7. ↑ "United States Securities and Exchange Commission v. Ustian". Law 360. Portfolio Media, Inc. August 7, 2018. Retrieved 23 July 2019.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.