US - The boss of the company responsible for managing the pension assets of General Motors (GM) has quit, the US car manufacturer has said.
Nancy Everett, who has served as chief executive officer of Promark Global Advisors since 2006, will step down in June.
She will be replaced by Opel chairman Walter Borst, who will assume the post on May 1 and continue as chairman of GM's principle European subsidiary, located in Germany.
The management shake-up comes as the US car giant prepares for its return to the stock market after exiting bankruptcy protection last July backed by the US Government.
"Walter has done an outstanding job as treasurer," said chief financial officer Chris Liddell.
"He is a great fit to lead the team managing a crucial part of GM, the $115bn in assets at Promark," he added.
During his 29-year GM career, Borst spent six years in Europe, and served as chief financial officer of Opel.
The company said he was "instrumental" in the recent restructuring and obligatory sale of assets under the US Bankruptcy Code and the global capital markets debt offering to fund the GM pension deficit in 2003. He has also served on the GMAC board of directors.
GM's Liddle also paid tribute to the outgoing boss of Promark.
"Nancy was a valuable contributor during one of the most difficult times in the financial market's history," he said.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.