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F , JCI , VC ,,, Visteon Names Johnston As Its New Chairman
Wednesday May 11, 4:53 pm ET
Visteon Corp. Names President and CEO Michael Johnston As Its New Chairman


DETROIT (AP) -- Auto supplier Visteon Corp. on Wednesday named president and CEO Michael Johnston as its new chairman.
Johnston, 57, replaces chairman Peter Pestillo, who is retiring May 31. Pestillo, 67, has served as chairman since 2000, when Visteon spun off from Ford Motor Co.

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"Mike Johnston is one of the most respected executives in the automotive industry. His leadership, integrity and vision will serve Visteon well," William H. Gray, a member of Visteon's board of directors, said in a statement.

Johnston joined Visteon in 2000 after 11 years with auto supplier Johnson Controls Inc. He served as president and chief operating officer until July 2004, when he succeeded Pestillo as chief executive and president.

Visteon, the world's second-largest auto supplier, has been struggling with the high cost of raw materials and production cuts at Ford, its largest customer. Last month, the company reported a first-quarter loss of $188 million, or $1.49 per share, compared with net income of $20 million, or 16 cents per share, a year ago.

Visteon also announced Tuesday that it's investigating potentially improper accounting transactions in its North American purchasing division. The investigation involves around $31 million in freight and materials expenses, the company said.

Visteon is based in Wayne County's Van Buren Township and employs 70,000 people worldwide.

Visteon shares fell 22 cents, or 5.8 percent, to close at $3.59 in Wednesday trading on the New York Stock Exchange.

Visteon Corp., http://www.visteon.com





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