Visteon Appoints Michael F. Johnston Chief Executive Officer; Peter J. Pestillo to Remain Chairman Through May 2005
29 June 2004 - 7:07AM
PR Newswire (US)
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/
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