Auto parts maker Visteon Corp. has named former Dura Automotive CEO Timothy Leuliette as its new chief executive.
The company also separated the roles of chairman and CEO, naming board member Francis Scricco as non-executive chairman. Both appointments are effective immediately, the company said Monday in a statement.
Leuliette, 62, had been Visteon’s interim CEO and chairman since Aug. 10, when Don Stebbins stepped down from the posts. Leuliette also has been a Visteon director since 2010.
Visteon was the parts arm of Ford Motor Co. until it was spun off in 2000. It filed for bankruptcy protection in 2009 and emerged in 2010 after shedding billions in debt and pension costs. The company specializes in automotive climate control, interior and electronic products.
Leuliette led Dura through a bankruptcy reorganization and then a successful sale. Before taking the post at Dura, he was chairman and co-CEO of Asahi Tec Corp., a Japanese auto parts supplier. He took that job after Asahi acquired Metaldyne Corp., which Leuliette co-founded. Leuliette has also been chief operating officer of Penske Corp., an auto dealership and truck rental company.
Also effective immediately, Visteon’s lead director Kevin Dowd has resigned from that post but will remain on the board. He had been lead director since October of 2011.
Visteon shares closed Friday at $44.46. The stock hit its one-year low of $27.04 on Aug. 3, but has since rebounded. The company made $46 million, or 86 cents per share, in the first half of the year, down 29 percent from a year earlier. It also lowered its revenue forecast for the year in August because of expected production cuts in Europe, South America and China.
