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GM Appoints New Financial Managers

For the "we-can't-keep-track-anymore" time, American manufacturer GM announced new appointments within its upper management, this time in the financial department. Motivated by GM as necessary to "further advance the company’s financial progress and prepare for its return to public ownership in the future," the changes are meant to help GM's financial officer, Chris Liddell, in the tasks ahead.

To the point, Walter Borst, former GM vice president and treasurer, has been named GM vice president and Promark Global Advisors CEO, effective May 1, 2010. Borst replaces Nancy Everett, who will leave the company on June 1. Promark is GM's subsidiary in charge of the management of retirement plan assets.

“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 $115 billion in assets at Promark.”

"Nancy was a valuable contributor during one of the most difficult times in the financial market’s history. Under her leadership, Promark delivered consistent performance for its clients, often outperforming the market. We thank her for her contribution.”

In addition to the aforementioned change, GM announced Daniel Ammann, until now managing director and head of Industrials Investment Banking for Morgan Stanley, will replace Borst as vice president finance and treasurer.

“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.”
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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