LISLE, Ill. — Navistar has named Walter G. Borst its new executive vice-president and chief financial officer.

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

Borst joins Navistar from General Motors, where he was most recently chairman, CEO and president of GM Asset Management, where he managed about $85 billion in assets, primarily for the GM benefits plans.

“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 Clarke, Navistar’s president and 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,” added 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 takes over his new position Aug. 1.