VAN BUREN TOWNSHIP, Mich., June 12, 2014 /PRNewswire/ -- The board of directors of Visteon Corporation (NYSE: VC) has extended the employment contract of President and CEO Timothy D. Leuliette through 2017. His current contract was set to expire Dec. 31, 2015.
Leuliette has served as president and CEO since Oct. 1, 2012, less than two months after the board appointed him to those roles on an interim basis. He has been a director of Visteon since 2010.
"We are pleased that Tim's successful leadership of Visteon will continue for the foreseeable future," said Francis M. Scricco, chairman of Visteon's board of directors. "Under Tim's leadership, Visteon has created significant value for customers and shareholders by delivering on the strategic plan first articulated in September 2012."
Scricco noted that no additional equity or other incentive awards will be added to Leuliette's contract before the original agreement's ending date of Dec. 31, 2015.
Leuliette said: "I am honored and thrilled by the opportunity to continue elevating Visteon's performance and leveraging the simplified, focused, globally competitive business we have shaped over the past 21 months. It is a privilege to work with 24,000 talented employees around the world who are driven to generate value for our customers, shareholders and partners."
Visteon is a leading global automotive supplier delivering value for vehicle manufacturers and shareholders through businesses including Halla Visteon Climate Control Corp., Visteon Electronics and Visteon Interiors. Visteon designs, engineers and manufactures innovative components and systems for virtually every vehicle manufacturer worldwide. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has facilities in 29 countries and employs about 24,000 people. Visteon had sales of $7.4 billion in 2013. Learn more at www.visteon.com.