Tim Leuliette has been named as Visteon’s interim CEO and chairman after CEO Don Stebbins stepped down. Stebbins, 54 years old, was the top official at the company for four years. In the fall, Leuliette was one of several independent board members who had been urging Stebbins to get the company leaner and more efficient.
After Visteon came out of bankruptcy in 2010, it has reported losses in two of the past three quarters. Stebbins has kept a strategy of acquiring companies since the spring of 2011. When interviewed by Bloomberg on August 2, Stebbins explained his strategy. Stebbins’ resignation took effect on August 10. After Visteon was spun off from Ford Motor Co. in 2000, the interiors and electronics supplier weren’t able to achieve an annual profit before it became bankrupt in May 2009.
Last July, Visteon revealed that it offered $805 million to acquire the 30 percent stake that was left in its Korean joint venture, Halla Climate Control Corp. However, this idea failed to push through as the mentioned that deal was thrown out after the country's National Pension Service. Weeks ago, Visteon lowered its annual sales forecast. He cited the strength of the currency and the dropping production in Europe and on other regions. T
his year, sales are likely to be at $6.6 billion to $6.8 billion and may even reach $7 billion. Stebbins doesn’t think that the strategy can be put at fault. Visteon's lead independent director Kevin Dowd said that the company will continue on this path. Stebbins said that Stebbins had led Visteon to have major transformation at a challenging time for the automotive industry and the company.
Under Stebbins’ leadership, Visteon succeeded in completing a major global restructuring initiative. Visteon said further in its statement that Stebbins’ leadership has made Visteon into a competitive financial, technological and geographic profile, as proven by customers who made the company aware of almost $1.1 billion in new business in 2011.