Visteon (NASDAQ:VC)
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Johnston Elected New Chairman of Visteon Board of Directors
VAN BUREN TOWNSHIP, Mich., May 11 /PRNewswire-FirstCall/ -- Michael F.
Johnston, 57, president and chief executive officer of Visteon Corporation
(NYSE:VC), was elected chairman of the board, effective June 1, 2005, by the
Visteon Board of Directors at its regularly scheduled meeting. Johnston's new
title will be chairman, chief executive officer and president.
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Johnston replaces Chairman Peter J. Pestillo, 67, who will retire effective May
31, 2005, and depart from Visteon's Board of Directors. Pestillo has served as
Visteon's chairman since January 2000.
"Mike Johnston is one of the most respected executives in the automotive
industry. His leadership, integrity and vision will serve Visteon well as the
company transitions itself for long-term success in these most challenging
times," said William H. Gray, III, chair of the corporate governance and
nominating committee of the Visteon Board of Directors. "We believe Mike's
drive to improve operational performance and his focus on customer service will
move Visteon forward to future success. We also want to express our
appreciation and gratitude to Pete Pestillo for his leadership through the
company's early years."
Johnston was named president and CEO of Visteon in July 2004 after serving as
president and chief operating officer since he joined Visteon in 2000. Johnston
was elected to the Board of Directors in April 2002.
With nearly three decades of experience in the automotive supplier and
aerospace industries, Johnston has extensive expertise in manufacturing,
product development, sales and customer relations. He has established a strong
track record of delivering on business commitments and improving shareholder
value. Prior to joining Visteon in September 2000, Johnston had been with
Johnson Controls Inc. since 1989 and held leadership positions of progressively
increased responsibility.
Visteon Corporation is a leading, full-service supplier that delivers
consumer-driven technology solutions to automotive manufacturers worldwide and
through multiple channels within the global automotive aftermarket. Visteon
has about 70,000 employees and a global delivery system of more than 200
technical, manufacturing, sales and service facilities located in 24 countries.
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DATASOURCE: Visteon Corporation
CONTACT: Media Inquiries: Kim Welch, +1-734-710-5593, Cell:
+1-734-625-8600, , or Analyst Inquiries: Derek Fiebig,
+1-734-710-5800, , both of Visteon Corporation
Web site: http://www.visteon.com/