Tags: visteon | ceo | stebbins | steps-down

Visteon CEO Stebbins Steps Down

Monday, 13 August 2012 09:12 AM

Auto parts supplier Visteon Corp said its chief executive has stepped down, more than four years after he took the top job.

Visteon said on Monday that CEO Don Stebbins stepped down as of Aug. 10 and that board member Timothy Leuliette was appointed as interim CEO until the company finds a permanent replacement.

Visteon, which also specializes in auto interiors, electronics and lighting, reported a slump in sales earlier in August and cut its earnings forecast for the year, citing lower vehicle production in Europe, South America and China.

On Aug. 6, Visteon announced Stebbins would provide an overview of Visteon's business at a J.P. Morgan auto conference in New York on Monday. However, two days later, the company said it had decided not to participate.

Visteon, a former Ford Motor Co subsidiary, has been exploring the sale of non-core assets to streamline its corporate structure and boost profit margins. It has been facing breakup pressure from some board members and shareholders, who believe the company is worth more in parts than as a whole.

The company has since turned its focus to two core product lines - climate control and electronics.

Visteon last month made an unsuccessful attempt to take full control of its South Korean unit, Halla Climate Control Corp , after facing opposition from other Halla shareholders.

Until 2010, Leuliette served as president and CEO of supplier Dura Automotive, leading the company to a recapitalization and sale after its emergence from restructuring.

Prior to that, he served as co-chairman and co-CEO of Asahi Tec Corp, a publicly traded Japanese manufacturer of auto parts after it acquired Metaldyne Corp, which Leuliette co-founded. He also served as president and chief operating officer of Penske Corp.

Leuliette has been a director of Visteon since 2010.

Stebbins joined Visteon in May 2005 as president and chief operating officer, and was named CEO in June 2008.

Also on Monday, Visteon named two new board members, boosting the number of directors to eight from seven. It added Francis Scricco, a former senior executive with telecommunications equipment provider Avaya, and David Treadwell, chairman of C&D Technologies, a producer of electrical power storage and conversion products.

Shares of the company closed at $38.80 on Friday on the New York Stock Exchange.

© 2020 Thomson/Reuters. All rights reserved.

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Monday, 13 August 2012 09:12 AM
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