Visteon Corp. (VC: Quote), a manufacturer of climate, interior and electronics products for vehicles, on Monday said its Chairman, Chief Executive Officer and President Don Stebbins stepped down from the roles on last Friday. Visteon board has appointed current director Timothy Leuliette interim chairman of the board and interim CEO and president.
The company said its board of directors will begin a search to identify candidates for the CEO and president position.
Visteon also appointed Francis Scricco and David Treadwell to the board of directors, increasing the board's membership from seven to eight.
Leuliette has been a director of Visteon since 2010. Previously, Leuliette 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. He was also with Asahi Tec Corp., a Japanese manufacturer of automotive parts, after the company acquired Metaldyne Corp., a company he co-founded and where he served as chairman, CEO and president.
Lead Independent Director Kevin Dowd said, "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."
The outgoing CEO 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 December 1, 2008.
Dowd added, "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."
Visteon noted that the new directors 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.
In pre-market activity, Visteon shares increased $0.05 or 0.13 percent, and are currently trading at $38.85.
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by RTT Staff Writer
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