Visteon CEO Abruptly Steps Down, Shares Jump

The company did not reveal a reason for the sudden departure

   

Visteon CEO Abruptly Steps Down, Shares Jump

The CEO of auto parts supply company Visteon (NYSE:VC) has abruptly left the company.

Don Stebbins, who had been CEO since 2008, as well as president and chairman of the company, stepped down on Friday. Company officials did not reveal the reason for his sudden departure, the Associated Press noted.

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Investors seemed pleased by the news. Visteon shares jumped more than 8% in Monday morning trading.

Earlier this month, the company lowered is sales outlook for the year, citing weakness in Europe, China and South America.

Visteon officials said that current board member, Timothy D. Leuliette, had been tapped as interim CEO while the company conducts a search for permanent replacement for Stebbins.

Originally a unit of Ford (NYSE:F), Visteon became in independent company in 2000. It filed for bankruptcy protection in 2009, emerging a year later.

Additionally, the company said that it had expanded its board of directors from seven to eight members. Francis M. Scricco and David L. Treadwell joined the board, replacing Leuliette and completing the expansion.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/visteon-ceo-abruptly-steps-down-shares-jump/.

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