GM has appointed Daniel Ammann as vice president of finance and treasurer

Article by Christian A., on August 29, 2010

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

Topics: gm, united states

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