Navistar names new CFO

Navistar International Corporation announced June 27 that Walter G. Borst will join the company as executive vice president and chief financial officer. He succeeds Andrew J. Cederoth, whose departure was announced earlier this week.

Navistar spokesman Steve Schrier says the change is part of new Navistar CEO Troy Clark’s transition into the chief executive role, as he’s assembling his own team, Schrier says. In the last few months, Clarke has moved Jack Allen into the chief operating officer position, hired former Peterbilt GM Bill Kozek for a president spot and appointed Bill Osborne as senior VP of global quality.

Borst, 51, comes to Navistar from General Motors Company, 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.

“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 Clarke. “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.”

“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, who officially starts with the company on August 1, will report to Clarke and serve on the company’s senior leadership team.