VAN BUREN TOWNSHIP, Mich.,
Oct. 1, 2012 /PRNewswire/
-- Visteon Corporation (NYSE: VC) today announced that the
board of directors has named Timothy D.
Leuliette chief executive officer and president, effective
immediately. Leuliette, 62, a Visteon director since 2010, has
served as interim CEO, president and chairman of the board since
Aug.10, when Don Stebbins stepped
down from those positions.
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Also effective immediately, the board has separated the roles of
chairman and CEO (which had previously been consolidated) and has
named Francis M. Scricco, who joined
the Visteon board on Aug. 10 of this
year, as non-executive chairman of the board. With the naming of
Scricco as chairman, Kevin Dowd has
stepped down from the post of independent lead director, a
designation that he had held since October
2011.
Speaking on behalf of the board, Dowd, who will remain as a
Visteon director, said, "In the seven weeks Tim has been leading
the company, he has demonstrated his leadership, insight and
vision, including outlining a value-creating action plan for the
company. He has a strong understanding of our business and the
industry, thanks to his extensive experience in the automotive
sector and his board tenure. We have no doubt that Tim is the right
person to continue creating value for our customers and
shareholders and guiding Visteon into the future."
Leuliette said: "I look forward to leading the implementation of
our recently announced strategic actions and I am committed to
improving value for Visteon's shareholders and reorienting the
company for the benefit of our global customers, joint venture
partners and employees."
Leuliette has deep roots in the automotive industry. 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 was 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. Prior to that, he
was 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. He holds an MBA with
distinction as well as a degree in mechanical engineering with
distinction from the University of
Michigan. As a member of Visteon's board before his
appointment as interim CEO and chairman, he chaired the
organization and compensation committee and served as a member of
the audit committee and the finance and corporate strategy
committee.
Scricco, 63, an experienced global executive with 26 years as a
senior P&L manager in six different industries and currently on
the boards of Tembec, Inc.; Sleep Innovations, Inc.; Masonite,
Inc.; and Wastequip, LLC; said: "I am pleased to assume the role of
non-executive chairman at this very important time in Visteon's
transformation. The separation of the positions of chairman and CEO
is another step the board has taken to continue to enhance our
corporate governance and to be responsive to our stakeholders."
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