Visteon Executive Chairman Michael F. Johnston to Retire Nov. 30; CEO Donald J. Stebbins Elected Chairman
November 07 2008 - 4:30PM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Nov. 7 /PRNewswire-FirstCall/ -- The
board of directors of Visteon Corporation (NYSE:VC) has elected
President and CEO Donald J. Stebbins to the additional position of
chairman of the board, effective Dec. 1, 2008. Stebbins succeeds
Michael F. Johnston, who will retire as executive chairman Nov. 30
after eight years in senior leadership positions with the global
automotive supplier. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO Photo:
http://www.newscom.com/cgi-bin/prnh/20080514/CLW004 Photo:
http://www.newscom.com/cgi-bin/prnh/20081107/CLF069 ) Stebbins, 50,
joined Visteon in 2005 as president and chief operating officer,
and was elevated to CEO by the board on June 1, 2008. He has more
than 20 years of leadership experience in global operations and
finance, including 13 years in senior leadership positions with
Lear Corporation before joining Visteon. His election as chairman
is aligned with Visteon's long-term executive succession planning
process. "Don Stebbins has the experience, drive and foresight to
lead through tough economic times and steer Visteon into the
future," Johnston said. "Don has done an excellent job leading the
organization and spearheading the execution of our restructuring
plan. His commitment to operational excellence has helped improve
Visteon's cost structure, expand our capabilities in growth markets
such as Asia Pacific, and enhance performance in areas ranging from
product quality to employee safety." Stebbins said: "I look forward
to continuing Visteon's transformation, and capitalizing on our
talented workforce and global capabilities to deliver on our
commitments to customers, shareholders and employees." Johnston,
61, joined Visteon in September 2000 as chief operating officer and
president, and was elected CEO in June 2004. He became chairman and
CEO in June 2005. He has served as executive chairman since June 1,
when Stebbins was elected CEO as part of a planned transition.
Johnston is credited with guiding Visteon from a North
America-focused components supplier that was heavily dependent on
one automaker, to a global engineering and manufacturing company
with a focused product portfolio and a diversified customer base.
He has served on Visteon's board of directors since April 2002 and
will leave the board upon his retirement. "The board expresses its
appreciation and gratitude to Mike Johnston for his leadership and
steadfast commitment to positioning Visteon for success in an
increasingly competitive global market," said William H. Gray III,
chairman of the corporate governance and nominating committee of
Visteon's board of directors. "Visteon took a number of strategic
steps under Mike's leadership that have provided a critical
foundation for the company's long-term future." Stebbins joined
Visteon from Lear Corporation, where he was president and chief
operating officer of operations in Europe, Asia and Africa. Before
that, he was president and chief operating officer of Lear's
operations in the Americas. He joined Lear in 1992 as vice
president and treasurer, and held various financial positions of
increasing responsibility, including senior vice president and
chief financial officer. Previously he held positions at Bankers
Trust Co. and Citibank. Stebbins has a bachelor's degree from Miami
University in Oxford, Ohio, where he is a member of the Business
Advisory Council. He holds a master's degree in business
administration from the University of Michigan. He has served on
Visteon's board of directors since December 2006. He is a member of
the board of directors of WABCO Holdings Inc. and the board of
trustees of Detroit Country Day School. Visteon Corporation is a
leading global automotive supplier that designs, engineers and
manufactures innovative climate, interior, electronic and lighting
products for vehicle manufacturers, and also provides a range of
products and services to aftermarket customers. With corporate
offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and
Kerpen, Germany; the company has facilities in 27 countries and
employs approximately 35,500 people. Visteon news releases,
photographs and product specification details are available at
http://www.visteon.com/
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
http://www.newscom.com/cgi-bin/prnh/20080514/CLW004
http://www.newscom.com/cgi-bin/prnh/20081107/CLF069
http://photoarchive.ap.org/ DATASOURCE: Visteon Corporation
CONTACT: Media: Jim Fisher, +1-734-710-5557, , or Investors: Steve
Ward, +1-734-710-5800, , both of Visteon Corporation Web site:
http://www.visteon.com/
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