GM Announces Financial Leadership Changes

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Mar 29, 2010, 02:00 ET

DETROIT, March 29 /PRNewswire/ --

Walter Borst is named GM vice president and Promark Global Advisors chief executive officer
Nancy Everett, Promark Global Advisors chief executive officer, announces intention to leave the company June 1, 2010; will assist with the transition
Joining GM from Morgan Stanley, Daniel Ammann is appointed GM vice president finance and treasurer

General Motors Vice Chairman and Chief Financial Officer Chris Liddell today announced a number of key finance leadership changes aimed at further advancing the company's financial progress and preparing for its return to public ownership in the future.

Walter Borst is named GM vice president and Promark Global Advisors, Inc. chief executive officer, reporting to Liddell, effective May 1, 2010. Promark is a wholly-owned asset management subsidiary of GM focused primarily on the management of retirement plan assets, including GM's pension plans assets. Borst, 48, will also continue as chairman of the Adam Opel GmbH Supervisory Board. Opel is GM's principal European automotive subsidiary, located in Germany. Borst was most recently GM vice president and treasurer, a post he has held since 2003.

"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."

During his 29 year GM career, Borst spent six years in Europe, and served as chief financial officer of Opel. Additionally, he held a number of assignments in the Treasurer's Office in New York and the Controller's Staff in Detroit. Over the years, Borst has been instrumental in a number of significant strategic and capital market transactions for GM, including the recent GM restructuring and sale of assets pursuant to Section 363 of the U.S. Bankruptcy Code, and the global capital markets debt offering to fund the GM pension deficit in 2003. He has also served on the GMAC Board of Directors.

Borst succeeds Nancy Everett, who has announced her intention to leave the company June 1, 2010, and who will assist with the transition. Everett, 55, joined Promark Global Advisors as chief investment officer in 2005. She assumed the additional responsibility of chief executive officer in January 2006. In 2007, Everett restructured the portfolio to hedge against volatility that ultimately helped GM's pension fund withstand the negative market impact of 2008.

"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. We thank her for her contribution."

Daniel Ammann has been appointed GM vice president finance and treasurer, reporting to Liddell, effective May 1, 2010. Ammann, 37, was most recently managing director and head of Industrials Investment Banking for Morgan Stanley, a position he held since 2004.

"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, worldwide banking, and overseas and domestic finance.

During his 11 years at Morgan Stanley, Ammann was instrumental in many high profile assignments spanning a variety of technology, service, and manufacturing clients. His diverse experience in mergers, acquisitions, raising capital, and restructuring includes leading Morgan Stanley's banking team in advising GM on its restructuring and sale pursuant to Section 363 of the U.S. Bankruptcy Code.

About General Motors: General Motors, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 204,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.

SOURCE General Motors