11/15/2011 10:40:00 AM
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Investor Carl Icahn, who bought a 9.8% stake in Navistar International Corp. last month, will not seek representation on the companyâ€™s board and will vote for Navistarâ€™s board nominees next year.
Navistar said Tuesday it will â€œdestaggerâ€� its board and elect directors on an annual basis.
If approved by shareholders, the truck and engine maker will begin the annual election process starting with the class of three directors up for election next year.
Instead of three-year terms, each nominee would be elected to a one-year term at the 2012 annual meeting and subsequent annual meetings, with a majority of the board being elected to a one-year term at the 2013 meeting.
Nominees will be elected on an annualized cycle as of the 2014 annual meeting, Navistar said.
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