Walter G. Borst —chairman, CEO, chief investment officer and president of General Motors Asset Management Corp. — was named executive vice president and chief financial officer of Navistar International Corp., effective Aug. 1, according to a statement Thursday from the Lisle, Ill.-based truck manufacturer.
At New York-based GMAM, he oversees $86.2 billion in assets, predominantly for GM's employee benefit plans.
Mr. Borst is also a vice present of Detroit-based General Motors Co., parent of GMAM.
In May 2010, Mr. Borst, who was GM treasurer, joined Promark Global Advisors Inc. — a name GMAM used – as CEO succeeding Nancy Everett and later that year became CIO.
Mr. Borst plans to leave GMAM in July, said Dave Roman, GM spokesman.
GM hasn't determined how it will proceed with replacing Mr. Borst or how his duties will be taken up in the interim or a timeframe for making decisions, Mr. Roman said.
Mr. Borst reports to Daniel Ammann, GM senior vice president and chief financial officer, Mr. Roman said.
At Navistar, Mr. Borst's domain as CFO will include pension and other employee benefit assets and “shaping strategic directions,” said Steve Schrier, Navistar spokesman.
As of Oct. 31, Navistar's U.S. and Canadian defined benefit plans had a combined $2.4 billion in assets and $4.4 billion in liabilities, according to its 10-K.
Mr. Schrier couldn't say how Mr. Borst was recruited.
Mr. Borst succeeds Andrew J. “A. J.” Cederoth, CFO since September 2009, who is leaving effective June 30. His departure is “part of a planned transition to a new CFO” and “not the result of any issue, concern or disagreement with the company's accounting, financial reporting or internal control over financial reporting,” according to a Navistar filing.
Mr. Borst will report to Troy A. Clarke, Navistar's president and CEO, who left as president of GM North America in 2009. Mr. Clarke joined Navistar in January 2010 as senior vice president of strategic initiative and became president and CEO April 15said Mr. Schrier.
Since becoming CEO, “it's natural that (Mr. Clarke) is assembling his leadership team,” Mr. Schrier said.
