Walter Borst will become CEO of Promark Global Advisors, General Motors' asset management subsidiary, replacing Nancy Everett, who will leave the company June 1.
Mr. Borst, currently treasurer at GM, will become CEO of Promark on May 1, confirmed spokesman Tom Wilkinson.
Mr. Wilkinson said he has no details about Ms. Everett's plans, and Ms. Everett wasn't immediately available for further comment.
Ms. Everett joined Promark, formerly known as General Motors Investment Management, as chief investment officer in 2005 and assumed “the additional responsibility of CEO in January 2006,” according to a news release. Mr. Wilkinson didn't immediately have any information about whether Mr. Borst or someone else would be tapped to assume the CIO role at Promark.
Julie Gibson, a Promark spokeswoman, couldn't immediately be reached for comment.
Mr. Borst will be replaced by Daniel Ammann, who will become GM vice president-finance and treasurer. He comes from Morgan Stanley, where he was managing director and head of industrials investment banking.