Navistar International announced June 24 that its Chief Financial Officer Andrew Cederoth will be leaving the company at the end of the month. Cederoth was named as a defendant in a lawsuit in April alleging that he violated Securities and Exchange laws by helping artificially inflate Navistar’s stock price before selling his 9,500 shares of the company’s stock when it was at record highs.
Cederoth sold his shares for upwards of $640,000. The company’s stock price subsequently fell from $70.17 a share to $21.44 a share in the year and a half afterward.
Navistar senior vide president and treasurer James M. Moran will oversee the company’s financial operations on an interim basis, Navistar said, adding that it wants to appoint a new CFO from outside of the company.
“I want to thank A. J. for his many contributions during his 23 years at Navistar, particularly the leadership he displayed this past year in helping to create, implement and drive significant progress in our turnaround plan,” said Troy Clarke, Navistar’s president and CEO. “I also appreciate the support A. J. provided during this CFO transition process. He has had a distinguished career at Navistar and we wish him well in his future endeavors.”