Visteon Elevates Stebbins to CEO; Johnston Continues as Executive Chairman
May 14 2008 - 11:00AM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., May 14, 2008 /PRNewswire-FirstCall/ --
The board of directors of Visteon Corporation (NYSE:VC) today
elected Donald J. Stebbins as president and chief executive
officer, effective June 1, 2008. Stebbins, who was president and
chief operating officer, succeeds Michael F. Johnston in the CEO
role. Johnston will continue as executive chairman of the global
automotive supplier. (Photo:
http://www.newscom.com/cgi-bin/prnh/20080514/CLW004 ) (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) Stebbins,
50, has been president and COO since joining Visteon in 2005,
following 13 years in senior leadership positions with Lear Corp.
Expanding Stebbins' leadership role is a timely and logical step in
Visteon's long-term executive succession planning process,
according to Johnston. "The three-year plan that we launched in
2006 is successfully positioning Visteon for sustainable success,"
Johnston said. "As we approach the conclusion of this phase of our
transformation, it's a logical time for Don to assume a greater
role in steering the organization into the future." As CEO,
Stebbins will lead the development and execution of Visteon's
long-term strategy while continuing to oversee the company's global
operations, sales, manufacturing, product development, research and
development, and customer relations. Stebbins has more than 20
years of leadership experience and a solid history of performance
in managing a global manufacturing business. He has served on
Visteon's board of directors since December 2006. Johnston, 60, has
been chairman and CEO since June 1, 2005. He joined Visteon in
September 2000 as chief operating officer and president, and has
held the CEO post since June 2004. Johnston has guided Visteon from
a North America-focused parts supplier that was heavily dependent
on one automaker, to a global engineering and manufacturing company
with a focused product portfolio and a diversified customer and
geographic base. As executive chairman, Johnston will concentrate
on ensuring company policies and investments align with corporate
strategy, interfacing with the board of directors, and fostering
relationships with key customers and financial stakeholders. In
expanding Stebbins' responsibilities, Visteon's board cited his
global and financial experience and his success restructuring,
improving and growing Visteon's operations in a challenging market
environment. "Don's appointment as CEO underscores his proven
leadership and core strengths in global operations and finance,
which have resulted in a more competitive cost structure and
expanded capabilities in fast-growing markets such as the Asia
Pacific region," Johnston said. Along with leading Visteon's
long-term strategy, Stebbins said his immediate priorities include
successfully completing the remaining restructuring actions
identified in Visteon's three-year plan; continuing to improve
quality, employee safety and efficiency; and generating profitable
new business wins in Visteon's core product areas. "We have a
tremendously talented and experienced leadership team," Stebbins
said. "Their abilities and energy, coupled with the strong working
relationship that Mike and I have developed, give me every
confidence that Visteon will continue taking positive steps and
delivering on our commitments." Reporting to Stebbins will be
William G. Quigley III, executive vice president and chief
financial officer; John Donofrio, senior vice president and general
counsel; Robert Pallash, senior vice president and president,
global customer group; Dorothy L. Stephenson, senior vice
president, human resources; the vice presidents of the three major
product groups: Joy Greenway - climate, Terry Gohl - interiors and
lighting, and Steve Meszaros - electronics; Asaf Farashuddin, vice
president, strategy; and Julie Fream, vice president, North
American customer group and global communications. Donald J.
Stebbins - Background Stebbins joined Visteon from Lear Corp.,
where he was president and chief operating officer of Lear's
operations in Europe, Asia and Africa. Previously, he was president
and COO of Lear's operations in the Americas. Stebbins joined Lear
in 1992 as vice president and treasurer. He held various financial
positions of increasing responsibility with Lear, including a 1997
promotion to senior vice president and chief financial officer.
Previously, he held positions at Bankers Trust Company and
Citibank. Stebbins holds a bachelor's degree in finance from Miami
University in Oxford, Ohio, where he is also a member of its
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. Additionally, he
is a member of the board of directors of WABCO Holdings Inc. About
Visteon 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 26 countries and employs approximately
40,000 people.
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
http://www.newscom.com/cgi-bin/prnh/20080514/CLW004
http://photoarchive.ap.org/ DATASOURCE: Visteon Corporation
CONTACT: Media, Julie Fream, office, +1-734-710-7250, mobile,
+1-313-215-8946, , or Investors, office, Derek Fiebig,
+1-734-710-5800, mobile, +1-313-319-3921, Web site:
http://www.visteon.com/
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