Navistar settles with Icahn, Rachesky

Mon Oct 8, 2012 8:57am EDT

Oct 8 (Reuters) - Navistar International Corp agreed to appoint three new members to its board, preventing a proxy fight with activist investors Carl Icahn and Mark Rachesky.

The U.S. truck and engine maker said Vincent Intrieri, an Icahn nominee, and Rachesky have been named to the board.

A third director will be designated and mutually agreed upon by Rachesky and Icahn.

Icahn and Rachesky each own a 14.94 percent stake in the company, tying them as its second-largest investors.

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