Navistar Continues Stacking Senior Team, Nets GM’s Borst

LISLE, Ill., — Former chairman, CEO and president of GM Asset Management, Walter Borst, is Navistar’s pick to replace its outgoing CFO, Andrew Cederoth.

Cederoth’s resignation was announced earlier this week.

The hiring of Borst is the latest in Navistar’s executive line-up shuffle, which began last year in the wake of a poor Q2 showing.

“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,” said Troy Clarke, Navistar president and CEO.

“Walter is a highly qualified executive with broad and deep financial expertise. 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.”

Over at GM, Borst was responsible for $85 billion in assets. Before that, he logged seven years as GM’s treasurer and more than two years as CFO of Adam Opel AG.

Borst officially starts on August 1. He will report to Clarke and serve on the company’s senior leadership team.