Visteon Amends Rules to Allow Nonexecutive Chairman

Visteon Corp.'s board has changed company bylaws to allow the appointment of a nonexecutive chairman.

Don Stebbins was ousted as Visteon president, CEO and chairman in early August. Director Tim Leuliette was named to fill those jobs on an interim basis.

Bloomberg News reported last week that the company is leaning toward making Leuliette permanent CEO. There has been no indication of whom the board might choose as chairman.

Visteon's board also amended rules for a retirement plan and stock incentive awards for executives that would accelerate their eligibility in some circumstances if the company changes hands or their division is sold.

Visteon is trying to sell at least one of its three remaining business units. News reports have said some big investors are seeking a breakup of the company.