Visteon Corporation CFO and executive VP Martin WELCH has stepped down, the supplier announced. Michael Widgren, a vice president, corporate controller and chief accounting officer since May 2007, will serve as interim CFO until Welch’s replacement is named.
“We appreciate Marty’s contributions during an important period in Visteon’s transformation and wish him the best in his future endeavors,” newly appointed president and CEO Timothy Leuliette said in a statement.
Widgren joined Visteon in 2005 as assistant controller. He was previously chief accounting officer at Federal-Mogul where he held several financial management positions over seven years. Before that, he worked at Coopers & Lybrand.
Visteon earlier this week said it had appointed Leuliette to his new role, effective immediately. Leuliette, 62, a Visteon director since 2010, had been interim CEO, president and chairman of the board since 10 August when Don Stebbins stepped down.
The board separated the roles of chairman and CEO and named Francis Scricco, who joined the board on 10 August, as non-executive chairman.
Kevin Dowd has stepped down as independent lead director, a designation he held from October 2011, but remains a director.
Leuliette until 2010 was president and CEO of DURA Automotive, leading that company to a successful recapitalisation and sale after its emergence from restructuring.
Prior to DURA, he was co-chairman and co-CEO of Asahi Tec after the company acquired Metaldyne, the company he co-founded and where he was chairman, CEO and president. Prior to that, he was president and chief operating officer of dealer group Penske .
As a member of Visteon’s board before his appointment as interim CEO and chairman, he chaired the organisation and compensation committee and was a member of the audit and finance and corporate strategy committees.