Leuliette Named Permanent Visteon CEO

Visteon Corp. has appointed interim president and CEO Tim Leuliette to fill those jobs on a permanent basis. Leuliette took the interim posts, which also included the chairmanship, when Don Stebbins was ousted in August.

The board of directors has appointed Francis Scricco as nonexecutive chairman. Scricco, who joined Visteon's board in August, is a retired senior executive of communications provider Avaya.

Kevin Dowd, who has been lead independent director for a year, has ceded that title but remains on the board.

Leuliette says he will execute the restructuring plan he unveiled in late September, which includes selling Visteon's interiors operations and folding its climate-control unit into a joint venture it controls in South Korea.

He tells The Wall Street Journal that the latter transaction, which amounts to "selling it back to ourselves," will make it easier for the company to raise capital in Asian markets to finance those operations. Leuliette also will consider shedding jobs and doesn't rule out moving Visteon's headquarters to Asia in future, the newspaper says.