June 27, 2013
Navistar International Corporation Thursday announced is has appointed Walter G. Borst executive vice president and chief financial officer (CFO), succeeding A.J. Cederoth, whose departure was announced earlier this week.
“We are pleased to have Walter joining our leadership team as we move through our turnaround and reposition our company for future profitability and long-term success,” Troy A. Clarke, Navistar’s president and CEO, said. “He has proven himself in a wide array of key financial leadership roles at one of the world’s largest vehicle manufacturers, all of which makes him the right person to lead our financial operations and functions going forward.”
Borst, 51, comes to Navistar from General Motors, where he most recently was the chairman, chief executive officer and president of GM Asset Management, responsible for managing approximately $85 billion in assets, predominantly for the GM benefits plans.
Prior to that, he spent seven years as GM’s treasurer and more than two years as chief financial officer of Adam Opel AG.
Borst’s path to Navistar is not unlike Clarke’s, who joined Navistar in 2010 after a 35-year career at General Motors.
“I’m excited to be joining Navistar and look forward to helping shape the company’s financial and strategic direction for the benefit of its shareholders,” said Borst. “I’m confident that Navistar is on the right track under Troy Clarke’s leadership and am delighted that I’ll have the opportunity to work with him and the rest of the Navistar team.”
Borst, will officially begin work with the company August 1.