Navistar International Corp. has announced that Walter G. Borst will join the company as executive vp & CFO. He succeeds Andrew J. (A.J.) Cederoth, whose departure was announced earlier this week.

The truck and engine maker said that Borst, 51, is moving to Navistar after 33 years with General Motors (GM), where he most recently served as chairman, CEO & president of GM Asset Management. Navistar noted that business unit is responsible for managing approximately $85 billion in assets, predominantly for the GM benefits plans. Prior to that, Borst spent seven years as GM's treasurer and more than two years as CFO of GM European subsidiary 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 Troy A. Clarke, Navistar's president & CEO. "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. He holds a Bachelor's in industrial administration from General Motors Institute (now Kettering University) and an MBA from Stanford University.