Four Visteon board members won’t seek re-election at the company’s annual meeting

Article by Christian Andrei, on April 30, 2012

At Visteon Corp.’s annual meeting in June, seven current members will seek re-election while four won’t, as revealed in a filing submitted to the U.S. Securities and Exchange Commission. Those who are not up for re-election are Phillippe Guillemot, 52 years old, former CEO of Paris-based Europcar Groupe SA; Herbert Henkel, 63 years old, former chairman and CEO of Ireland-based Ingersoll-Rand plc; Mark Hogan, 60 years old, president of Bloomfield Hills-based Dewey Investments LLC; and, Karl Krapek, 63 years old, former president and CEO of Hartford, Conn.-based United Technologies Corp.

The seven members that seek re-election, include Don Stebbins, 54 years old, chairman and CEO of the former Ford Motor Co. parts unit in suburban Detroit; Kevin Dowd, chairman and managing member of New York-based Berkeley Square Advisors LLC; and Harry Wilson, CEO of Scarsdale, N.Y.-based Maeva Advisors LLC and a former senior adviser to President Barack Obama’s automotive task force.

Both Dowd and Wilson were nominated for the board in 2011 as part of a compromise deal between Visteon management and Alden Global Capital, one its largest shareholders. Disagreements between management and Alden over the direction of this company nearly resulted to a proxy fight and it resulted in board member William Redmond Jr. resigning in May 2011.

Two major deals were completed by Visteon this month. The lighting business unit was sold to India-based supplier Varroc Group for $92 million. In addition, the Grace Lake Corporate Center headquarters was acquired by the New York City real estate firm Sovereign Partners LLC for $81.1 million. Last year, Visteon generated $80 million in net income on revenue of $8 billion. [source: Autonews]

Topics: visteon

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