VAN BUREN TOWNSHIP, Mich.,
June 10, 2015 /PRNewswire/ -- Visteon
Corporation (NYSE: VC) announced today that Sachin Lawande has been appointed president and
chief executive officer of Visteon, effective June 29, 2015, succeeding Timothy D. Leuliette. Lawande will also
join Visteon's Board of Directors.
Lawande is an accomplished automotive OEM electronics veteran
with over a decade of global leadership experience in the
industry. From 2005, Lawande held several leadership roles at
Harman International Industries, most recently serving as president
of the Infotainment Division, the company's largest division with
nearly $3 billion in annual sales.
Prior to joining Harman, Lawande held senior roles at QNX
Software Systems and 3Com Corporation.
"After a thorough evaluation of potential candidates, we are
confident that we have found in Sachin the perfect individual to
lead and transform our company to achieve further success in the
rapidly evolving automotive electronics market," said Francis M. Scricco, Chairman of the Board.
"Sachin's significant operational expertise and unique
combination of experience in the automotive, technology and
software industries will be critical as we seek to capitalize on
the dynamic growth of the connected vehicle ecosystem and provide
our OEM partners with innovative and cost-effective technology
solutions."
"It is an honor to be named Visteon's next CEO," said Lawande.
"Electronics and software are more important to the
automotive industry than ever before, and the newly transformed
Visteon is in an ideal position to emerge as the innovation and
technology leader in this space to continue to deliver value for
customers and shareholders. I am excited about the
opportunity to build on the company's momentum and lead Visteon
into the next phase of its growth as the premier provider of Driver
Information Systems and Infotainment that form the backbone of the
connected car. I look forward to working closely with the
board, management, and the talented Visteon team to advance
innovation in the connected car and further capitalize on the
growing importance of electronics to the automotive industry."
About Sachin Lawande
Sachin Lawande, 48, is one of the
foremost technology and business thought leaders in the automotive
OEM electronics supplier industry. Throughout his career, Lawande
has championed the need for automotive suppliers of cockpit
electronics to evolve to meet the demands of the connected car
era. Most recently, he served as president of the
Infotainment Division of Harman International Industries since 2013
and as executive vice president since 2009. In his role as
president of the Infotainment Division – the largest division of
Harman with nearly $3 billion in
annual sales – Lawande achieved double-digit sales and income
growth while serving 11 of the top 15 OEMs and leading over 7,500
employees worldwide. Prior to that, Lawande served in various
leadership roles at Harman including EVP and president of the
Lifestyle Division, EVP and co-president of the Automotive
Division, EVP and chief technology officer and chief software
architect. In these roles, Lawande was responsible for
guiding software strategy, development partnerships, and key
customer relationships.
Prior to joining Harman, Lawande held senior roles at QNX
Software Systems and 3Com Corporation. Before joining QNX, he
was responsible for the development of networking and consumer
electronics systems at corporate giants such as AT&T Bell Labs,
U.S. Robotics, and 3Com. Lawande has a wealth of experience
in developing embedded systems and software and holds four patents
in Communications Software. He holds a Bachelor's Degree in
Electronics and Telecommunications from Bombay
University in India and a
Master's Degree in Electrical Engineering from Southern Illinois University at Edwardsville.
About Visteon
Visteon is a global technology company that designs, engineers
and manufactures innovative cockpit electronics products and
connected car solutions for most of the world's major vehicle
manufacturers. Visteon is a leading provider of driver information
and controls, audio and infotainment, and domain controllers; its
brands include LightScape®, OpenAir® and
SmartCore™. With corporate offices in Van Buren Township, Michigan, (U.S.);
Shanghai, China; and Chelmsford, UK; Visteon has more than 12,000
employees at 50 facilities in 21 countries. Visteon had sales of
$7.51 billion in 2014. Learn more at
www.visteon.com.
Follow Visteon:
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Forward-looking Information
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not guarantees of future
results and conditions but rather are subject to various factors,
risks and uncertainties that could cause our actual results to
differ materially from those expressed in these forward-looking
statements, including, but not limited to: (1) conditions within
the automotive industry, including (i) the automotive vehicle
production volumes and schedules of our customers, (ii) the
financial condition of our customers and the effects of any
restructuring or reorganization plans that may be undertaken by our
customers or suppliers, including work stoppages, and (iii)
possible disruptions in the supply of commodities to us or our
customers due to financial distress, work stoppages, natural
disasters or civil unrest; (2) our ability to satisfy future
capital and liquidity requirements; including our ability to access
the credit and capital markets at the times and in the amounts
needed and on terms acceptable to us; our ability to comply with
financial and other covenants in our credit agreements; and the
continuation of acceptable supplier payment terms; (3) our ability
to satisfy pension and other post-employment benefit obligations;
(4) our ability to access funds generated by foreign subsidiaries
and joint ventures on a timely and cost-effective basis; (5) our
ability to execute on our transformational plans and cost-reduction
initiatives in the amounts and on the timing contemplated; (6)
general economic conditions, including changes in interest rates,
currency exchange rates and fuel prices; (7) the timing and
expenses related to internal restructurings, employee reductions,
acquisitions or dispositions and the effect of pension and other
post-employment benefit obligations; (8) increases in raw material
and energy costs and our ability to offset or recover these costs,
increases in our warranty, product liability and recall costs or
the outcome of legal or regulatory proceedings to which we are or
may become a party; and (9) those factors identified in our filings
with the SEC (including our Annual Report on Form 10-K for the
fiscal year ended Dec. 31,
2014). Caution should be taken not to place undue reliance on
our forward-looking statements, which represent our view only as of
the date of this release, and which we assume no obligation to
update.
Contacts
Media
Jim Fisher, 734-710-5557
Mobile: 734-417-6184
jfishe89@visteon.com
Investors:
Bob Krakowiak, 734-710-5793
bkrakowi@visteon.com
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SOURCE Visteon Corporation