GM Finance Executive Joins Navistar as CFO

Navistar International Corp. has hired Walter Borst, General Motors Co.'s chief investment officer, to become its CFO on Aug. 1.

Borst will replace Andrew Cederoth. Navistar said on Monday that Cederoth would leave at the end of this week. Borst will report to CEO Troy Clarke, who worked at GM for more than 35 years before joining Navistar.

Since 2010 Borst has been chairman and CEO of GM Asset Management, which manages $85 billion in assets, mainly for the company's pension plans. He previously was GM treasurer for seven years. Borst's 33-year career at the company also included a stint as CFO of its Opel unit.