Lisle, Ill.-based Navistar (NYSE:NAV) has a new CFO.

On Thursday, the maker of MaxxForce diesel engines, International long-haul trucks, and MaxxPro MRAP armored vehicles announced it has hired Walter G. Borst to take over from Andrew J. (A. J.) Cederoth when the latter leaves his post as Chief Financial Officer of the company at the end of this month.

Borst comes to Navistar from General Motors (NYSE:GM), where he had been serving as chairman, chief executive officer, and president of the GM Asset Management business. Prior to that post, he had worked as Treasurer for GM for seven years, and CFO for Opel for two years.

Navistar noted in an SEC filing, simultaneous with the hiring announcement, that it will be paying Borst an annual base salary of $700,000, plus:

  • An annual bonus targeting 75% of base salary (which amount is guaranteed for the first two years of employment).
  • $2 million in stock options and "performance share units" for fiscal 2013.
  • A $2.5 million signing bonus, payable in cash and restricted stock. 

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends General Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.