VAN BUREN TOWNSHIP, Mich.,
Aug. 13, 2012 /PRNewswire/
-- Visteon Corporation (NYSE: VC) today announced that
Don Stebbins stepped down as
chairman, chief executive officer and president of the company on
Friday, Aug. 10.
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The Visteon board has appointed current director Timothy D. Leuliette interim chairman of the
board and interim CEO and president. The board of directors will
begin a search to identify candidates for the CEO and
president position.
Speaking on behalf of the board of directors, Lead Independent
Director Kevin Dowd said, "Don led
Visteon through a significant transformation during a challenging
time for the automotive industry and the company. Under his
leadership, Visteon successfully completed a major global
restructuring initiative. Thanks to Don's leadership, Visteon today
has a competitive financial, technological and geographic profile,
as evidenced by customers awarding the company nearly $1.1 billion in new business in 2011."
Dowd continued, "We are fortunate to have someone of Tim's
caliber and experience to step in and lead Visteon on an interim
basis. His experiences as a leader in the automotive industry,
along with his Wall Street experience, give him a unique
perspective on the global opportunities and challenges in this
sector. This will be an orderly transition with Tim at the helm.
Visteon will remain sharply focused on creating value for our
shareholders, while continuing to provide customers with the
high-quality products and services they have come to expect."
Leuliette has a strong background in the automotive industry and
extensive experience and relationships in Asia. He has served as CEO or chief operating
officer of major international auto suppliers. Until 2010, he
served as president and chief executive officer of automotive
supplier DURA Automotive, leading that company to a successful
recapitalization and sale after its emergence from restructuring.
Prior to DURA, he served as co-chairman and co-CEO of Asahi Tec
Corp., a Japanese publicly traded manufacturer of automotive parts,
after the company acquired Metaldyne Corp., a company he co-founded
and where he served as chairman, CEO and president. He previously
served as president and chief operating officer of Penske Corp.,
and he is a past chairman of the board of the Detroit Branch of The Federal Reserve Bank of
Chicago.
Leuliette has been a director of Visteon since 2010. Prior to
this appointment, he served as chair of the organization and
compensation committee, and was a member of both the audit
committee and the finance and corporate strategy committee. He
holds an MBA with distinction as well as a degree in mechanical
engineering with distinction from the University of Michigan.
Stebbins joined Visteon in May
2005 as president and chief operating officer, and was named
CEO in June 2008. He had served as
chairman since Dec. 1, 2008.
Two New Directors Appointed
Visteon also announced the appointments of Francis M. Scricco and David L. Treadwell to the board of directors,
increasing the board's membership from seven to eight.
Scricco spent 27 years in senior leadership positions in six
different industries. He was senior vice president, manufacturing,
logistics and procurement, for Avaya, Inc., a global business
communications provider, from February
2007 until his retirement in October
2008. Prior to that, he was Avaya's senior vice president,
global services, a position he held since March 2004. He is the former president and CEO of
Arrow Electronics and before that served as president of Fisher
Products Group. Scricco's first operating role was as a general
manager for General Electric Co. He began his career with The
Boston Consulting Group. He currently serves on the board of
Masonite, Inc.; Sleep Innovations, Inc.; Sirva, Inc.; and Tembec,
Inc.
Treadwell is chairman of C&D Technologies, Inc., a producer
and marketer of electrical power storage and conversion products, a
position he has held since April
2012. He has been a director of C&D since December 2010 and chairman of its board since
January 2011. Prior to that, he was
president and CEO of EP Management Corp., formerly known as
EaglePicher Corp., from August 2006
to September 2011. He was
EaglePicher's chief operating officer from June 2005 to July
2006, and served as CEO of Oxford Automotive from 2004-2005.
He also serves on the boards of FairPoint Communications, Inc. and
Flagstar Bank.
Scricco will serve on the corporate governance and nominating
committee and will serve as chairperson of the organization and
compensation committee. Treadwell will serve on the audit committee
and finance and corporate strategy committee.
About Visteon
Visteon is a leading global automotive supplier that designs,
engineers and manufactures innovative climate, interior and
electronics products for vehicle manufacturers. With corporate
offices in Van Buren Township,
Mich. (U.S.); Shanghai,
China; and Chelmsford, UK;
the company has facilities in 28 countries and employs
approximately 22,000 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation