In the latest example of General Motors Co. hiring an executive from outside the company, Daniel Ammann has been appointed as its vice president of finance and treasurer.
In a statement, GM said that 37-year-old Ammann had served as managing director and head of industrials investment banking at Morgan Stanley.
In that position, Ammann had advised GM regarding its restructuring and bankruptcy. Ammann is a former Morgan Stanley colleague of Steve Girsky, who is currently a GM vice chairman.
Ammann's appointment was announced by new CFO Chris Liddell, who is formerly the CFO of Microsoft Corp. GM CEO Ed Whitacre is also a top-ranking executive who arrived at GM after having worked at a non-automotive industry.
Whitacre had been retired but he came out of it to assist in leading GM after serving as CEO of AT&T Corp. and its predecessor companies from 1990 to 2007.
Ammann succeeds Walter Borst, who has become GM vice president and CEO of GM subsidiary Promark Global Advisors Inc. Promark manages $115 billion in assets, mainly for retirement plans.
However, Borst will still head the supervisory board for GM's European arm, Adam Opel GmbH