Visteon Corp. announced that its CFO, William Quigley III, will resign effective Oct. 31. The decision is said to be a "mutual resignation" but that it was an involuntary termination, according to Jim Fisher, director of corporate communications at Visteon. Quigley, who was the CFO since 2007, will leave with over $9.9 million in severance and accelerated restricted stock. Martin Welch, a former CFO at Kmart Corp. and Federal-Mogul Corp., will take the place of Quigley as executive vice president and CFO.
Fisher said that Visteon is making this management change in order to be led by an experienced CFO. He described Welch to be a “tremendously capable and experienced leader.”
He explained that CEO Don Stebbins made this decision for a “world-class leadership class” to be put in place. From 2005-2009, Welch served as the executive vice president and CFO of United Rentals Inc.
From 2006 to 2009, he served on Delphi Corp.’s board of directors. He also held different executive titles at Chrysler Group. Welch got his bachelor's degree and an MBA from the University of Detroit and is presently a member of its board of trustees.