Nancy Everett will take over as president and CEO of General Motors Asset Management at year's end, replacing W. Allen Reed, who will retire and become chairman of the company, said GMAM spokeswoman Gina Proia. Ms. Everett will retain her current position as CIO. She will report to John Devine, vice chairman and CFO of General Motors Corp.
Ms. Everett joined GMAM less than a year ago; before that, she had been CIO at the $40 billion Virginia Retirement System, Richmond.
Today's announcement comes two days after GMAM officially combined its global equity, fixed-income and trading businesses into a new public markets unit. The new unit, headed by senior managing director Tony Kao, was prompted by the departure of former managing director and head of public equities David Holstein, who left the firm last month.
GMAM manages more than $160 billion in assets for the Detroit-based General Motors Corp. pension plans and several external clients, including Xerox Corp., Stamford, Conn., and Delphi Corp., Troy, Mich.