VAN BUREN TOWNSHIP, Mich. (WWJ) – Auto supplier Visteon announces that Chairman, President and CEO Don Stebbins has stepped down.
The auto parts supplier — which earlier this month cut its full-year sales forecast because of expected production cuts in Europe, South America and China — said that board member Timothy Leuliette will serve as interim CEO and president. The Van Buren Township company says it will conduct a search to find candidates for the CEO and president roles.
In a press release announcing the changes, speaking on behalf of the board of directors, Lead Independent Director Kevin Dowd said, “Don led Visteon through a significant transformation during a challenging time for the automotive industry and the company. 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 $1.1 billion in new business in 2011.”
Dowd continued, “We are fortunate to have someone of Tim’s caliber 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 unique 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, while continuing to provide customers with the high-quality products and services they have come to expect.
Leuliette has been a director of Visteon since 2010. Prior to this appointment, he served as chair of the organization and compensation committee, and was a member of both the audit committee and the finance and corporate strategy committee. He holds an MBA with distinction as well as a degree in mechanical engineering with distinction from the University of Michigan.
Stebbins joined Visteon in May 2005 as president and chief operating officer, and was named CEO in June 2008. He had served as chairman since Dec. 1, 2008.
The company did not say why Stebbins decided to step down.