Departure comes as Australian truck sales make headway after difficult start, while parent companies react to US concerns about wider economic outlook and financial performance
October 18
NC2’s Australia and New
Zealand
General Manager of Sales and Marketing Jeff Tyzack has left the firm.
Neither NC2 nor Tyzack, who was at the Technical and Maintenance Conference in Melbourne this week, would comment on reasons for the move, though Marketing and Communications Manager Glen Sharman says the company wishes him well.
“The company does wish Jeff the best in his future endeavours, and appreciates the hard work and dedication he has put into establishing the Cat Trucks business since the 2010 launch of the product,” Sharman says.
Tyzack was on hand for the global launch of the CAT Trucks CT-610 and CT-630 at Uluru in November 2010, which had followed a tortuous path to fruition during most of that year.
A veteran of aviation engineering and then trucks with Volvo, Tyzack came to NC2 in January of that year, some four months after the formation of NC2 Global, linking
CAT and Navistar.
In his time at NC2, CAT has made inroads in the Australian market, with Truck Industry Council figures showing it selling 159 units for the year to December last year and 246 this year by September.
These have been interesting times for both the CAT and Navistar parent companies in the US.
CAT, the business of which is weighted heavily towards mining equipment, encountered share price turbulence late last month after announcing a lower five-year profit forecast.
This was put at US$12-US$18 a share to 2015, compared with and an earlier US$15-US$20, though it was predicated on a softer mining and global economic outlook.
Navistar, meanwhile, has seen several board changes and pressure from activist investor Carl Ichan after losses, particularly in its engine and trucks divisions.
For the three months ended July 31, truck losses were stemmed compared with the previous year at US$30 million, compared with US$75 million, but for the nine months to that date losses had blown out to US$160 million from US$49 for the period last year.
“The segment’s loss was driven by a combination of segment performance and deteriorating industry volumes, partially offset by manufacturing efficiencies,” Navistar says.
“Year-over-year sales declined 5 percent, primarily due to lower military sales and decreased traditional volumes.
“Traditional chargeouts were down 7 percent, primarily due to a 22 percent decrease in Navistar’s Class 6 and 7 medium trucks, partially offset by a 32 percent increase in school bus volumes.”
The story for engines was worse, plunging to a US$47 million loss for the three months compared with a US$32 million profit for the previous period and a loss of US$275 million for the nine months, compared with a US$26 million profit previously.
“Segment sales decreased by 13 percent, primarily due to lower sales volumes in South America, resulting from a pre-buy of pre-Euro V emissions engines in the prior year quarter,” Navistar says of engines.
“Partially offsetting the decrease in sales was lower SG&A [sales, general & administration] and engineering spend.”
Icahn, a major shareholder, issued a scathing open letter to the Navistar board last month, castigating the board and making dire predictions for the company’s future if changes were avoided.
Navistar’s board defended its position but early this month put Vincent Intieri and Mark Rachesky, said to be Icahn allies, on the board and agreed that a third Icahn ally should find a place as well.
Yesterday, Jack Pope, a board member of trucking concern Con-Way and Chairman of finance firm PFI Group, also gained a seat.
Caterpillar has also seen changes, in its US executive line-up, this month but none affecting its trucks or engines arms.
