GM Pension Plan Exec Steps Down
The Detroit News reports Nancy Everett, chief executive officer of Promark Global Advisors since 2006, will leave June 1. She oversaw the asset management subsidiary of GM that was responsible for retirement plan assets, including pension plans.
Everett will be replaced by GM Treasurer Walter Borst, who in turn, will be succeeded by Daniel Ammann, formerly managing director and head of Industrials Investment Banking for Morgan Stanley. Ammann, who will lead GM’s New York-based treasurer’s office, also will serve as vice president of finance.
The moves are the latest in a string of management changes at GM since the company emerged from bankruptcy.
Chief Financial Officer Ray Young, whose department drew intense criticism from the White House last year, was reassigned in December and named vice president of international operations. He was replaced by software giant Microsoft Corp.’s Chris Liddell, who announced the management changes.
The news report said Liddell’s team is in the midst of valuing GM’s assets and liabilities and ensuring the automaker conforms with generally accepted accounting principles. The team also is preparing GM for an initial public offering of company stock, which could come later this year.