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NINETY EIGHT REGENCY

GM Treasurer Walter Borst to head Opel supervisory board

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GM Treasurer Walter Borst to head Opel supervisory board

PAUL MCVEIGH

AUTOMOTIVE NEWS EUROPE

DECEMBER 15, 2009 12:11 CET

MUNICH – General Motors Co. Treasurer Walter Borst is the new supervisory board chairman at the automaker's Opel/Vauxhall unit.

Borst, 48, takes the post vacated by Carl-Peter Forster when he quit as GM Europe president and Opel chairman last month.

GM earlier this month appointed Nick Reilly, its former international operations chief, as GM Europe president and Opel CEO.

Borst leads the GM treasurer's office, which is based in New York with additional operations in Detroit, Zurich and Shanghai.

Borst was appointed to Opel's board at the beginning of this month, along with Reilly, who was then the unit's acting chief. Before becoming GM treasurer in 2003, Borst was Opel's chief financial officer from 2000 to 2003.

A U.S. native, Borst is married to a German and speaks German. He earned a bachelor's degree in finance from General Motors Institute (now Kettering University) in Flint, Michigan, in 1985 and a master of business administration degree from Stanford University in 1987.

In German companies, supervisory boards oversee and appoint the members of the management board and must approve major business decisions.

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