General Motors has named Walter Borst as its vice president and Promark Global Advisors CEO, reporting to GM vice chairman and CFO Chris Liddell from 1 May.
Promark is a wholly-owned asset management subsidiary of GM focused mainly on the management of retirement plan assets, including GM’s pension plans assets.
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Borst – GM vice president and treasurer since 2003 – will also continue as chairman of the Opel supervisory board.
“Walter has done an outstanding job as treasurer,” said Liddell. “He is a great fit to lead the team managing a crucial part of GM, the US$115bn in assets at Promark.”
Borst succeeds Nancy Everett, who has announced her intention to leave the company from 1 June. In 2007, Everett restructured the portfolio to hedge against volatility.
“Nancy was a valuable contributor during one of the most difficult times in the financial market’s history,” said Liddell. “Under her leadership, Promark delivered consistent performance for its clients, often outperforming the market.”
Daniel Ammann has been named GM vice president finance and treasurer, reporting to Liddell, also from 1 May. Ammann was most recently managing director and head of industrials investment banking for Morgan Stanley.
“Dan brings a broad base of financial experience to this position,” said Liddell. “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 will lead the GM treasurer’s office, based in New York, with additional operations in Detroit, Shanghai, and Zurich.
The global treasury operations include capital markets activities, capital planning, business development, risk management, worldwide pension funding and worldwide banking, as well as overseas and domestic finance.
