Visteon chairman, CEO and president, Don Stebbins has stepped down to be replaced by current director, Timothy Leuliette, in the interim.
“Don led Visteon through a significant transformation during a challenging time for the automotive industry and the company,” said Visteon director, Kevin Dowd.
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“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 US$1.1bn in new business in 2011.
“We are fortunate to have someone of Tim’s calibre 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 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.”
Visteon also announced the appointments of Francis Scricco and David Treadwell to the board of directors, increasing the board’s membership from seven to eight.
