DETROIT -- General Motors Co. has appointed a former Morgan Stanley investment banker as treasurer.
Daniel Ammann will serve as vice president of finance and treasurer, GM said today in a statement. Ammann, 37, was managing director and head of industrials investment banking at Morgan Stanley, where he advised GM on its restructuring and bankruptcy. He's a former Morgan Stanley colleague of Steve Girsky, now a GM vice chairman.
The appointment, announced by new CFO Chris Liddell, is the latest example of executive hiring from outside GM. Liddell, formerly CFO of Microsoft Corp., joins GM CEO Ed Whitacre as a top-ranking executive who came to GM after working outside the auto industry. Whitacre came out of retirement to help lead GM after serving as CEO of AT&T Corp. and its predecessor companies from 1990 to 2007.
Ammann succeeds Walter Borst, 48, who has become GM vice president and CEO of GM subsidiary Promark Global Advisors Inc. Promark manages $115 billion in assets, primarily for retirement plans. Borst will continue to chair the supervisory board for GM's European arm, Adam Opel GmbH.
Borst replaces Nancy Everett, 55, who is leaving the company June 1, GM said today.