As expected, Walter Borst (48) was today elected chairman of the Opel supervisory board.
The German speaking New Yorker's ties with Opel go back to when he was resident controller for Opel's Rüsselsheim manufacturing plant from 1995 to 1997 after working as director of financial analysis and planning for GM Europe in Zurich. Borst later became Opel's chief financial officer, again based in Rüsselsheim, from October 2000 until January 2003.
"I have tremendous respect and admiration for the Opel brand, its products and its highly committed employees. I am very confident that Opel has a bright future, and I am looking forward to contribute in my new role as head of the supervisory board," Borst said in a statement.
"Walter Borst is a supervisory board chairman who has been connected to Opel and Europe for a long time. He is well aware of the German codetermination process, so that he can well bridge between GM and Opel/Vauxhall," said works council head Klaus Franz, deputy chairman of the board.
Borst joined Opel's supervisory board a few weeks ago. In his new role, he succeeds Carl Peter Forster, who left GM after the failed sale of Opel to a Magna-led consortium.
In the last few weeks, Opel's supervisory board was temporarily chaired by Franz.
Borst was named vice president and treasurer of General Motors Company in August 2009. He was previously treasurer of General Motors Corporation since February 2003. The global GM treasury operations include capital planning, business development, risk management, pension funding, real estate, banking, and overseas and domestic finance. He also serves on the board of directors of Nexteer and was previously on the board of directors of GMAC.
Borst is married to a German, has two children and lives in New York.