GM CFO Chris Liddell recently announced financial leadership changes within General Motors that will utilize the strong human capital in GM subsidiaries.
Walter Borst, a 29-year General Motors veteran, is now Vice President and Chief Executive Officer of Promark Global Advisors, Inc. – a GM subsidiary that manages retirement plan assets and is in charge of GM’s pension fund. Borst will also continue to serve on the supervisory board for Adam Opel GmbH.
Borst will begin in his new position on May 1st, replacing Nancy Everett who will leave on June 1 after assisting with the transition.
Borst has previously served at GM as CFO of Opel and has held multiple positions in the Treasurer’s office in New York City and the Controller’s office in Detroit. He was also on the Board of Directors for GMAC.
Daniel Ammann will get a new job on May 1st as GM Vice President finance and treasurer. He will lead GM Treasurer’s office in New York as well as conduct operations in Detroit, Shanghai, and Zurich. According to GM’s press release, his responsibilities will “include capital markets activities, capital planning, business development, risk management, worldwide pension funding, worldwide banking, and overseas and domestic finance.”
Although familiar with GM, his most recent job was with Morgan Stanley as the head of Industrials Investment Banking. Ammann was the leader of Morgan Stanley’s team that spent time advising GM during the company’s stint in bankruptcy. He comes to GM after 11 years at Morgan Stanley.
Full press release after the jump!