Visteon (NASDAQ:VC)
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Visteon Appoints Michael F. Johnston Chief Executive Officer;
Peter J. Pestillo to Remain Chairman Through May 2005
DEARBORN, Mich., June 28 /PRNewswire-FirstCall/ -- The Board of Directors of
Visteon Corporation (NYSE:VC) today announced the appointment of Michael F.
Johnston, 57, as chief executive officer and president, effective July 1, 2004.
Peter J. Pestillo, 66, will continue as chairman of Visteon's Board of
Directors until May 11, 2005, the date of the company's next annual
shareholders meeting, when he plans to retire.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040628/DEM032-a
http://www.newscom.com/cgi-bin/prnh/20040628/DEM032-b
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
Johnston's move from president and chief operating officer to CEO and president
is in keeping with the succession plan established when Johnston joined Visteon
in 2000 and was subsequently elected to the Board of Directors in April, 2002.
Pestillo has been chairman and CEO of Visteon since January 1, 2000.
"Mike Johnston has demonstrated the leadership and vision to elevate Visteon to
the next level of performance expected of a pre-eminent automotive supplier,"
said Pestillo. "His intense commitment to deliver results in terms of
innovative products, superior quality and financial performance will serve all
our stakeholders well. As Mike assumes the CEO role, I look forward to
continuing our strong personal and professional relationship."
Johnston said, "I appreciate the support from the Visteon Board of Directors
and the continued confidence they have in me to take this company forward.
Visteon has never been in a stronger position than today to deliver value to
our customers, employees and shareholders because of the solid foundation
developed under Pete's leadership. I am pleased to have the opportunity to
continue working closely with Pete to continue building that foundation for
future success."
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 approximately 72,000 employees and a global delivery system of more than
200 technical, manufacturing, sales and service facilities located in 25
countries.
http://www.newscom.com/cgi-bin/prnh/20040628/DEM032-a
http://www.newscom.com/cgi-bin/prnh/20040628/DEM032-b
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
http://photoarchive.ap.org/
DATASOURCE: Visteon Corporation
CONTACT: Media Inquiries: Kimberly A. Welch, +1-313-755-3537,
, or Jim Fisher, +1-313-755-0635, ,
or Investor Inquiries: Derek Fiebig, +1-313-755-3699, , all
of Visteon Corporation
Web site: http://www.visteon.com/