Update: Navistar names new CFO

LISLE, Ill. — Longtime General Motors (GM) executive Walter Borst will join Navistar International Corp. as executive vice president and chief financial officer, Navistar officials said on Thursday.

Borst replaces Andrew J. (A.J.) Cederoth, whose departure was announced earlier this week.

Borst most recently served as the chairman, CEO and president of GM Asset Management. Before that, he spent seven years as GM's treasurer. He was with the company for 33 years.

"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," Navistar President and CEO Troy Clarke said. "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."

Borst, who officially starts at Navistar on Aug. 1, will report to Clarke and will serve on the company's senior leadership team.