Navistar International has announced that its current CFO, Andrew J. Cederoth, will leave the company at the end of June, and will be temporarily replaced by Navistars senior vice president and treasurer James M. Moran.

Andrew J. Cederoth is 48 years old and was originally appointed CFO by Navistar in September 2009. Navistar said that this personnel change is an excessive phase of its appointment of a new CFO, and the company will look for new candidates outside the company.

Troy Clarke, president and CEO of Navistar, said: “I would like to thank Andrew for his many contributions to the company over the past 23 years. In particular, during the company’s loss recovery program in the past year, Andrew helped establish, implement and Drive the company to make significant progress."

In the second quarter of fiscal year (February to April 2013), Navistar’s net loss amounted to US$374 million, an increase of 117% over the same period last year’s net loss of US$172 million. As a result, Standard & Poor's (S&P) recently lowered the long-term credit rating of Navistar to "B-" from the previous "B" level and maintained a negative outlook.

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