March 24, 1998

Navistar Announces Retirement of Two Board Members

Former director Richard Celeste, currently U.S. Ambassador to India, also honored for his service

Former director Richard Celeste, currently U.S. Ambassador to India, also honored for his service

CHICAGO, March 24 -- Navistar International Corporation (NYSE: NAV - news) announced during its annual meeting of shareowners that two board members, Mary Garst, 70, and Dr. Andrew Brimmer, 71, are retiring effective today. Both have served as directors for more than 20 years. Former governor of Ohio, Richard Celeste, who recently resigned from the board to become U.S. Ambassador to India, also was recognized at the annual meeting for his service. Navistar's board now has 12 directors.

"We are greatly indebted to Andy, Mary and Dick for their distinguished service and dedication," said Navistar Chairman, President and Chief Executive Officer John R. Horne. "Their combined wealth of knowledge and expertise has been invaluable to Navistar as we continue to drive our overall performance. We wish them the best in their future endeavors."

About Dr. Andrew Brimmer

Dr. Brimmer, former governor of the Federal Reserve Board, joined the company's board of directors in 1976. He served as chair of the board's audit committee and was a member of the public policy and finance committees. Horne said, "Over the past 21 years, Andy has been instrumental in helping guide this company through some of the most challenging periods in its history. His contributions helped set the stage for driving our vision to create shareowner value." Dr. Brimmer currently is president of Brimmer & Company, Inc., an economic and financial consulting firm, and serves as Wilmer D. Barret professor of economics at the University of Massachusetts, Amherst.

About Mary Garst

Mary Garst was elected a director in 1977. She served as chair of the public policy committee and was a member of the audit committee. "Mary's business acumen and critical management expertise have resulted in valuable and lasting contributions to our company," Horne said. Garst currently is manager of the cattle division of the Garst Company, an Iowa based diversified agri-business enterprise.

About Richard Celeste

Horne also paid tribute to Richard Celeste, former two-term governor of Ohio and currently U.S. Ambassador to India. Celeste served on the board since 1993 and was a member of the public policy and audit committees. "We are indebted to Dick for his service," said Horne.

Re-election of Directors

Three current members of Navistar's board of directors were re-elected by the common shareowners at Navistar's annual meeting. Horne, Michael Hammes, partner in Palladium Equity Partners and chief executive officer of the Guide Corporation, and William Patient, chairman, president and chief executive officer of the Geon Company, were re-elected for three year terms expiring at Navistar's 2001 annual meeting.

Navistar International Corporation, with world headquarters in Chicago and 1997 annual sales of $6.4 billion, is the leading North American producer of International® brand heavy and medium trucks and school buses. Navistar maintained its position as the sales leader in the combined U.S. and Canadian retail markets for medium and heavy trucks and school buses in the first quarter, achieving a 28.6 percent share, which is 2.2 percentage points higher than a year ago. The company also is a worldwide leader in the manufacture of International brand mid-range diesel engines which are produced in a range of 160 to 300 horsepower.


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