Visteon Corporation today announced that the board of directors has named Timothy D. Leuliette chief executive officer and president, effective immediately. Leuliette, 62, a Visteon director since 2010, has served as interim CEO, president and chairman of the board since Aug.10, when Don Stebbins stepped down from those positions.
Also effective immediately, the board has separated the roles of chairman and CEO (which had previously been consolidated) and has named Francis M. Scricco, who joined the Visteon board on Aug. 10 of this year, as non-executive chairman of the board. With the naming of Scricco as chairman, Kevin Dowd has stepped down from the post of independent lead director, a designation that he had held since October 2011.
Leuliette has deep roots in the automotive industry. Until 2010, he served as president and chief executive officer of automotive supplier DURA Automotive, leading that company to a successful recapitalization and sale after its emergence from restructuring. Prior to DURA, he was co-chairman and co-CEO of Asahi Tec Corp., a Japanese publicly traded manufacturer of automotive parts, after the company acquired Metaldyne Corp., a company he co-founded and where he served as chairman, CEO and president. Prior to that, he was president and chief operating officer of Penske Corp., and he is a past chairman of the board of the Detroit Branch of The Federal Reserve Bank of Chicago. He holds an MBA with distinction as well as a degree in mechanical engineering with distinction from the University of Michigan. As a member of Visteon’s board before his appointment as interim CEO and chairman, he chaired the organization and compensation committee and served as a member of the audit committee and the finance and corporate strategy committee.
