VAN BUREN TOWNSHIP, Mich. - Auto parts supplier Visteon says its Chairman, President and CEO Don Stebbins has stepped down.
The company, which earlier this month cut its full-year sales forecast because of expected production cuts in Europe, South America and China, said Monday that board member Timothy D. Leuliette will serve as interim CEO and president.
Stebbins had served as CEO since June 2008 and was named chairman in December of that year. He joined the Van Buren Township, Mich., company as president and chief operating officer in May 2005.
Visteon Corp. said it will conduct a search to find candidates for the CEO and president roles.
Leuliette, a Visteon director since 2010, previously served as president and CEO of auto supplier Dura Automotive. He has also served as co-chairman and co-CEO of Japanese auto parts maker Asahi Tec Corp., which bought the company he co-founded, Metaldyne Corp. Leuliette had served as Metaldyne's chairman, CEO and president.
Visteon also named two new board members, Francis M. Scricco and David L. Treadwell. The appointments will expand the company's board from seven to eight directors. Scricco served as senior vice-president of manufacturing, logistics and procurement for business communications provider Avaya Inc. when he retired from the company in October 2008. Treadwell is chairman of C&D Technologies Inc., which makes electrical power storage and conversion products.
Visteon was spun off from Ford Motor Co. in 2000. It filed for bankruptcy protection in 2009 and emerged in 2010 after shedding billions in debt and pension costs.