GM Unveils Financial Leadership Changes
DETROIT — General Motors has made some shifts in its financial leadership, announcing this week that it has tapped current vice president and treasurer Walter Borst to serve as a vice president and Promark Global Advisors' chief executive officer.
He will be taking over for Nancy Everett, who is leaving the company on June 1.
Everett — the current CEO of Promark, a wholly owned asset management subsidiary of GM that deals most with retirement plan assets — plans to help as the automaker makes the transition.
Borst will move into his new role on May 1, but will remain the chairman of the Adam Opel GmbH Supervisory Board.
"Walter has done an outstanding job as treasurer," stated Chris Liddell, GM vice chairman and chief financial officer. "He is a great fit to lead the team managing a crucial part of GM, the $115 billion in assets at Promark."
Meanwhile, replacing Borst is Daniel Ammann, who becomes vice president finance and treasurer on May 1. Ammann comes to GM from Morgan Stanley, where he has been managing director and head of industrials investment banking since 2004.
"Dan brings a broad base of financial experience to this position," Liddell shared. "It is a critical time in this company's history, and Dan's depth of knowledge of the financial community and our business will be invaluable."
Ammann and Borst will both report to Liddell.
Continuing on, GM shared some more about each of these executives' career experiences in greater depth.
Borst has been with the automaker for 29 years, including six years in Europe and time as CFO of Opel. His roles have also included time at the treasurer's office in New York and the controller's staff in Detroit, as well as serving on the board of directors for GMAC.
Ammann spent 11 years with Morgan Stanley, and included in his experience is work in mergers, acquisitions, raising capital and restricting. In fact, during GM's bankruptcy process last spring, he headed up Morgan Stanley's banking team in advising the automaker on its restructuring and its sale.
He also helped tackle several high-profile assignments at Morgan Stanley for clients in such fields as technology, service and manufacturing.
Everett, meanwhile, became chief investment officer of Promark Global Advisors in 2005, taking on an additional role of CEO at the start of 2006.
Officials said that she restructured the portfolio to protect it from volatility. This wound up helping GM's pension fund survive the negative market impact of 2008, according to GM.
"Nancy was a valuable contributor during one of the most difficult times in the financial market's history," Liddell shared. "Under her leadership, Promark delivered consistent performance for its clients, often outperforming the market. We thank her for her contribution."