Everett Tapped to Head GMAM

November 4, 2005 (PLANSPONSOR.com) - Nancy Everett, chief investment officer of GM Asset Management Corp., will assume the additional responsibilities of president and chief executive officer at the $160 billion asset complex effective January 1, 2006.

Current President and CEO Allen Reed, PLANSPONSOR’s 2001 Plan Sponsor of the Year (see Meet the Innovators ), will assume the new position of chairman at year-end, and will retire in early 2006. Reed, 58, will work with Everett to ensure a smooth transition, and will continue to serve on the boards of GMAC and GMAC Insurance Holdings, according to a press release.

In her new role, Everett will have full responsibility for managing GM Asset Management, which handles more than $160 billion in pension, 401(k) plan and other assets for the GM benefit plans and other clients. She will report to John Devine, GM vice chairman and chief financial officer.

Everett, 50, joined GM Asset Management as chief investment officer on June 1 from the Virginia Retirement System. She had been chief investment officer of the $40 billion state pension fund since 1998.